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.
