The Australian Securities and Investments Commission (ASIC) has permanently banned Queensland financial adviser Shane Rose from providing any financial services, performing any functions related to the conduct of financial services business, and controlling entities conducting financial services business.。

Between February 2021 and January 2023, Rose advised six self-managed pension fund clients to invest their pensions in financial products while serving as an authorized representative and responsible manager of Octillion Partner Pty Ltd.。

ASIC found that Rose used clients' investment funds for non-specified purposes, knowingly depositing funds for the purpose of investing in financial products, but knowingly and dishonestly used those funds for purposes other than investment purposes。

ASIC also determined that Rose was not a fit and proper person to be involved in the financial services industry because his dishonest conduct demonstrated gross incompetence and irresponsibility and was likely to violate financial services laws in the future.。

Mr Rose has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision。