Shane Allan Rose permanently banned from providing financial services

ASIC has issued a permanent ban on Mr Shane Rose, a financial adviser based in Queensland. The ban prohibits him from providing financial services, engaging in financial services business activities, and controlling entities involved in financial services.

This action follows Rose's recommendation of six self-managed superannuation fund clients to invest in a financial product while he was an authorised representative and responsible manager of Octillion Partner Pty Ltd between February 2021 and January 2023.

ASIC's investigation revealed that Rose engaged in dishonest conduct by diverting client-invested funds for purposes other than those intended. It was determined that Rose knowingly misused funds deposited for investment purposes, demonstrating a lack of integrity and suitability to participate in the financial services industry.

ASIC concluded that Mr Rose is not fit to participate in the financial services industry because his actions exhibited serious incompetence and irresponsibility. It was also concluded from these actions that he was likely to violate financial services laws in the future.

Rose's ban has been recorded on ASIC's banned and disqualified register. He retains the right to appeal ASIC's decision to the Administrative Appeals Tribunal for review.

This information comes from the official ASIC media release on the 20th of March 2024 and is true at the time of publishing. To read ASICs media release click here.