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ASIC bans adviser over using SMSF client funds for ‘other purposes’
ASIC has permanently banned a Queensland-based financial adviser who recommended six SMSF clients invest their super in a financial product and used those funds for other purposes.
Shane Rose has been banned from providing any financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business.
Between February 2021 and January 2023, while an authorised representative and responsible manager of Octillion Partner Pty Ltd, Rose recommended six SMSF clients to invest their superannuation in a financial product.
ASIC found that Rose engaged in conduct that was dishonest by using the client-invested funds for purposes other than what they were given.
ASIC determined that Rose knew funds had been deposited to invest in a financial product and that he knowingly and dishonestly applied those funds for purposes other than which they were invested.
ASIC also found that Rose is not a fit and proper person to participate in the financial services industry as his dishonest actions showed serious incompetence and irresponsibility and that he is likely to contravene financial services law in future.
Rose’s banning is recorded on ASIC’s banned and disqualified register.
Rose has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
