The Australian Securities and Investments Commission (ASIC) has revoked the Australian Financial Services (AFS) license of Octillion Partners Pty Ltd.

ASIC's decision was based on the following reasons:

1. Octillion failed to comply with financial services laws;
2. Did not take reasonable steps to ensure its representatives complied with financial services laws;
3. Failed to ensure that financial services covered by the license were provided efficiently, honestly, and fairly;
4. May have contravened section 912A(1) of the Corporations Act 2001;
5. Under section 913BA(1) of the Corporations Act 2001, Octillion did not meet the requirements of being fit and proper.

ASIC's concerns stem from Octillion's inadequate supervision of its authorized representative and financial adviser, Shane Allan Rose. Rose was found engaging in dishonest conduct, misappropriating client investment funds for other purposes.

On March 20, 2024, ASIC permanently banned Rose from providing any financial services, prohibited him from engaging in any functions related to the financial services industry, and barred him from controlling any entity involved in financial services.

Under the terms of the license cancellation, Octillion's AFS license will remain valid until August 16, 2024, to continue providing financial services to existing clients.

Octillion has the right to appeal ASIC's decision to the Administrative Appeals Tribunal.

Octillion holds AFS license number 000289621, valid from July 15, 2005, to May 10, 2024.

Octillion was previously known as ACN 105 085 612 Pty Ltd, Unison Wealth Management Pty Ltd, and Eden Wealth Management Pty Ltd, headquartered in Helensvale, Queensland.