ASIC cancels Octillion Partners’ license | Australian Broker News
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ASIC cancels Octillion Partners’ license
AFS license revoked for misconduct
ASIC has revoked the Australian Financial Services (AFS) license of Octillion Partners as a result of a number of violations of monetary companies legal guidelines.
Octillion Partners’ violations
ASIC decided that Octillion did not adjust to monetary companies legal guidelines and didn’t take affordable steps to make sure its representatives did the identical.
The agency additionally failed to supply companies effectively, actually, and pretty. Furthermore, it’s deemed not match and correct underneath part 913BA(1) of the Corporations Act 2001 and is more likely to contravene its ongoing obligations.
The revocation follows severe points with Octillion’s oversight of monetary adviser Shane Allan Rose, who engaged in dishonest conduct by misusing shopper funds.
Consequently, on March 20, ASIC completely banned Rose from any involvement in monetary companies.
License transition
Although Octillion’s license has been cancelled, it’ll stay efficient till Aug. 16, to facilitate the availability of monetary companies to present purchasers.
Operating underneath AFS license no. 000289621 since July 15, 2005, the Queensland-based agency retains the fitting to attraction this determination on the Administrative Appeals Tribunal, ASIC mentioned in a media launch.
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