ASIC cancels Octillion Partners' license

AFS license revoked for misconduct

ASIC cancels Octillion Partners' license

News

By Mina Martin

ASIC has revoked the Australian Financial Services (AFS) license of Octillion Partners due to multiple violations of financial services laws.

Octillion Partners’ violations

ASIC determined that Octillion failed to comply with financial services laws and did not take reasonable steps to ensure its representatives did the same.

The firm also failed to provide services efficiently, honestly, and fairly. Furthermore, it is deemed not fit and proper under section 913BA(1) of the Corporations Act 2001 and is likely to contravene its ongoing obligations.

The revocation follows serious issues with Octillion’s oversight of financial adviser Shane Allan Rose, who engaged in dishonest conduct by misusing client funds.

Consequently, on March 20, ASIC permanently banned Rose from any involvement in financial services.

License transition

Although Octillion’s license has been cancelled, it will remain effective until Aug. 16, to facilitate the provision of financial services to current clients.

Operating under AFS license no. 000289621 since July 15, 2005, the Queensland-based firm retains the right to appeal this decision at the Administrative Appeals Tribunal, ASIC said in a media release.

The latest ASIC decision follows the asset suspension of Brisbane-based Sunny Mahendra Prakash and his companies amid an investigation, and the permanent banning of Panacea Capital’s Brian Jacques Creigh for misleading conduct

Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!