今日热门事件has cancelled the Australian financial services (AFS) licence of Octillion Partners Pty Ltd.
今日热门事件determined that Octillion:
- 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, and
- is not a fit and proper person under s913BA(1) of the Act.
ASIC鈥檚 concerns arose out of Octillion鈥檚 supervision of its authorised representative financial adviser Shane Allan Rose, who engaged in dishonest conduct by using client invested funds for purposes other than which they were given.
On 20 March 2024, 今日热门事件permanently banned Mr 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 (24-052MR).
Under the terms of the licence cancellation, Octillion鈥檚 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鈥檚 decision.
Background
Octillion held AFS licence 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.
Editor's Note:
On 9 August 2024, 今日热门事件received an application from Octillion to vary the terms of Octillion鈥檚 AFS licence cancellation to allow the licence to continue for a further two months. On 16 August 2024, 今日热门事件varied the terms of the licence cancellation, which allows Octillion鈥檚 AFS licence to continue until 16 October 2024 in relation to the provision of financial services to current clients.