The Australian Securities and Investments Commission (ASIC) has revoked the Australian Financial Services (AFS) license of Octillion Partners Pty Ltd.
ASIC determined that Octillion:
- did not comply with financial services legislation;
- failed to take reasonable steps to ensure that its representatives comply with financial services legislation;
- did not do everything necessary to ensure that the financial services covered by the license are provided efficiently, honestly and fairly,
- is likely to be in breach of its obligations under s912A(1) of the Companies Act 2001 and
- is not a fit and proper person under s913BA(1) of the Act.
ASIC’s concerns arose from Octillion’s supervision of its authorized representative, financial adviser Shane Allan Rose, who engaged in dishonest conduct by using funds invested by clients for purposes other than those for which they were provided.
On 20 March 2024, ASIC permanently banned Mr Rose from providing any financial services, performing any function involved in the conduct of a financial services business and controlling an entity carrying on a financial services business.
Under the terms of the license cancellation, Octillion’s AFS license will continue until 16 August 2024 in relation to the provision of financial services to current customers.
Octillion has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Octillion held AFS license no. 000289621 between 15 July 2005 and 10 May 2024.
Octillion, formally known as ACN 105 085 612 Pty Ltd, Unison Wealth Management Pty Ltd and Eden Wealth Management Pty Ltd is based in Helensvale, Queensland.