AFS license revoked for misconduct
ASIC has revoked the Australian Monetary Providers (AFS) license of Octillion Companions as a result of a number of violations of economic providers legal guidelines.
Octillion Companions’ violations
ASIC decided that Octillion did not adjust to monetary providers legal guidelines and didn’t take affordable steps to make sure its representatives did the identical.
The agency additionally failed to offer providers effectively, truthfully, and pretty. Moreover, it’s deemed not match and correct below part 913BA(1) of the Companies Act 2001 and is more likely to contravene its ongoing obligations.
The revocation follows critical points with Octillion’s oversight of economic adviser Shane Allan Rose, who engaged in dishonest conduct by misusing consumer funds.
Consequently, on March 20, ASIC completely banned Rose from any involvement in monetary providers.
License transition
Though Octillion’s license has been cancelled, it’ll stay efficient till Aug. 16, to facilitate the supply of economic providers to present shoppers.
Working below AFS license no. 000289621 since July 15, 2005, the Queensland-based agency retains the proper to attraction this resolution on the Administrative Appeals Tribunal, ASIC stated in a media launch.
Get the most popular and freshest mortgage information delivered proper into your inbox. Subscribe now to our FREE day by day publication.
Associated Tales
Sustain with the most recent information and occasions
Be part of our mailing listing, it’s free!
