ASIC has cancelled the Australian financial services licence (AFSL) of a Gold Coast advice firm Octillion Partners, its 10th AFSL cancellation since the start of 2024.
The firm, based in Helensvale, Queensland, was formerly known as Unison Wealth Management Pty Ltd and Eden Wealth Management Pty Ltd.
The decision was taken as Octillion’s authorised representative and financial adviser, Shane Allan Rose, was alleged to have engaged in dishonest conduct by using client invested funds for purposes other than they were given.
Between February 2021 and January 2023, while an authorised representative and responsible manager of Octillion Partners Pty Ltd, Rose recommended six self-managed superannuation fund (SMSF) clients to invest their superannuation in a financial product.
He was permanently banned in March 2024 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.
Following his banning, the corporate regulator has cancelled the AFSL of Octillion and determined that the firm:
- Did not comply with the financial services laws.
- Did not take reasonable steps to ensure that its representatives complied with the financial services laws.
- Did not do all things necessary to ensure that the financial services covered by the licence were provided efficiently, honestly and fairly.
- Is likely to contravene its obligations under s912A(1) of the Corporations Act 2001.
- Is not a fit and proper person under s913BA(1) of the Act.
Under the terms of the licence cancellation, Octillion’s AFS licence will continue until 16 August 2024 in relation to the provision of financial services to current clients.
Octillion has a right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
This is the 10th AFSL cancellation that ASIC has enacted since the start of 2024, the majority of which relate to advice or wealth management.
This includes advice firms Indie Advice in January, Brava Capital and NextGen in February, and Suetonius Wealth Management, Crown Wealth and Endeavour Securities in March, and JB Markets in April.
Other AFSL cancellations include accountants Menon & Associates in April and Valorton Capital in February.
Amazing ! Between the beginning of licencing Feb 2002 and 2008 this was a very good stable industry.Then the do-gooders and white ants started to complain about the commission on life products and investment lump sum product . Super product with very low comms were available but some dills thought they could get away with retail products..When 2008 began the effect was all the alledged specialists who thought they new more than the fund managers came looking at how to sell life assurance as the investment industry had stooped. They were inexperienced dills i know of two cases where existing cases were switched where poor health was involved for instance.
Then the polies began to react to the do-gooders and etc noise which culminated with 5 liberal govts from the CAPTAIN ON going out of their way to fall in with the noise makers and fix the industry LOOK AT IT NOW! How clever they were15.000 people out of work and many ill or dead. Criminal acts have never been higher, ist class idiot who think they can pull money out of people’s accounts and get away with it.I got a bowell cancer from the worry.And we are reading new stories about criminal acts EVERY WEEK JG
Yes used the money that should have been invested as if it was his own. Thought he was invincible but the house of cards have collapsed! Lots of people happy to see justice is finally on the way. Shame so many innocent people had to get hurt.
What specifically did he do? All I see is that he invested 6 smsf’s invest in a product; what was wrong with the product, or did he just take the money?