Qld adviser receives permanent ban over dishonest conduct
ASIC has permanently banned a Queensland-based adviser from providing any financial services over dishonest conduct.
The corporate regulator has announced that it has banned Shane Rose 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.
Between February 2021 and January 2023, while an authorised representative and responsible manager of Octillion Partner Pty Ltd, Rose recommended six self-managed superannuation fund clients to invest their superannuation in a financial product.
ASIC found that Rose engaged in a conduct that was dishonest by using the client invested funds for purposes other than which they were given.
The regulator added that it determined Rose knew funds had been deposited for the purpose of investing in a financial product and that he knowingly and dishonestly applied those funds for purposes other than which they were invested.
ASIC also found that Rose is not a fit and proper person to participate in the financial services industry because his dishonest actions showed serious incompetence and irresponsibility, and that he is likely to contravene financial services law in the future.
Rose has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Keith Ford
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
