Director at Xenia (AFSL & AML/CTF Compliance) | JD & PLT completed | Will get to admission documents & explore regulatory investigation & dispute resolution opportunities in banking & financial services in due course
𝐂𝐚𝐧𝐜𝐞𝐥𝐥𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐀𝐅𝐒𝐋 𝐝𝐮𝐞 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐟𝐚𝐢𝐥𝐮𝐫𝐞𝐬 ASIC has cancelled the AFSL of Octillion Partners Pty Ltd, as this licensee: 🚫 failed to comply with financial services laws. 🚫 failed to take reasonable steps to ensure its representatives' compliance with financial services laws. 🚫 failed to do all things necessary to ensure that it provided financial serviced under its AFSL 'efficiently, honestly and fairly'. 🚫 is likely to contravene the licensee's s 912A(1) obligations. 🚫 its responsible manager is not a fit and proper person under s 913BA(1) of the Corps Act. ASIC earlier issued a permanent ban against Octillion's responsible manager and financial adviser, Shane Rose, for engaging in dishonest conduct by using client invested funds for purposes other than which they were given. This is a latest reminder that compliance failures could have serious consequences. I would have loved to know more details about the licensee's actions (or the lack of) that led to the regulator's decision, apart from Mr Rose's above-mentioned dishonest conduct. Why? ➡ So I can consider what systems and controls may have prevented a management team member like an RM from getting away with the things that Mr Rose has done. ➡ Real life examples are always helpful and powerful when running training. ➡ Details on the conduct & consequences can help obtain top management buy-in in terms of maintaining a robust compliance framework, which is much more than just having beautifully drafted policies. https://lnkd.in/ghXwEbWn
