The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Octillion Partners Pty Ltd.

ASIC 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’s concerns arose out of Octillion’s 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, ASIC 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.

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.

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.