ASIC, Compliance

AFSL cancelled due to adviser misconduct

ASIC Australian financial services licence AFSL Octillion Partners SMSF advice Shane Allen Rose

ASIC has cancelled the license of a Queensland-based advice firm due to the non-compliant activities of one of its SMSF advisers.

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of Octillion Partners in relation to the dishonest conduct of one of authorised representatives who serviced SMSF clients.

The corporate regulator found Octillion, based in Helensvale, Queensland, failed to adhere to financial services laws, neglected to ensure its representatives followed these laws, and did not fulfil obligations to provide financial services covered by its license efficiently, honestly and fairly, and was likely to breach obligations required under the Corporations Act 2001.

Specifically ASIC took action following an investigation centring on the recommendations by Shane Allen Rose to six SMSF clients to have them invest their retirement savings in a financial product while he was an authorised representative and responsible manager of Octillion Partner Pty Ltd.

The regulator determined he knew funds had been deposited for the purpose of investing in a financial product and knowingly and dishonestly applied those funds for purposes other than this.

Consequently Rose was permanently banned from providing any financial services, performing any function involved in the carrying on of a financial services business and from controlling an entity that carries on a financial services business. His name was also added to ASIC’s banned and disqualified register.

Under the terms of the cancellation, Octillion’s AFSL will continue until 16 August 2024 in relation to the provision of financial services to current clients.

Octillion, which was formally known as ACN 105 085 612 Pty Ltd, Unison Wealth Management Pty Ltd and Eden Wealth Management Pty Ltd, has a right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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