The corporate regulator has announced the banning of former Redcliffe-based financial adviser and director Kiriley Roper (also known as Kiriley Suckling) from providing financial services for 10 years.
ASIC found that Lighthouse Partners engaged in fees for no service (FFNS) conduct in relation to 14 clients between January 2022 and October 2023. Roper was a director, shareholder and financial adviser of Lighthouse Partners.
“She was aware of the FFNS conduct and failed to report it immediately to the licensee, Crown Wealth Group. She also failed to investigate the FFNS conduct and implement adequate systems to prevent the FFNS conduct from reoccurring,” ASIC said.
The regulator also found that it had reason to believe that Roper is not a fit and proper person to participate in the financial services industry, including that she “enriched herself at the expense of affected clients because she failed to refund fees totalling $81,652.71 plus interest”.
She also failed to fulfil her duties as a director when she was on a period of leave between February 2022 and March 2023.
Roper has also been banned for 10 years from:
- Performing any function involved in the carrying on of a financial services business.
- Controlling an entity that carries on a financial services business.
The banning took effect from 30 June 2025 and has been recorded on ASIC’s banned and disqualified register.
Roper has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Lighthouse Partners was a corporate authorised representative of Australian Financial Services licensee Crown Wealth Group.
On 13 March 2024, ASIC cancelled Crown Wealth Group’s Australian Financial Services Licence after it was placed into voluntary administration.
Good to see ASIC fixing the big problems in the industry.
The didn’t pick up the Dixons, Shield and First Guardian until well after the horse has bolted.
Not one executive was banned or AFSL cancelled for the FFNS overseen by AMP, NAB, et al.
They have embraced the most confusing red tape and made it harder to serve clients.
But they have managed to ban an adviser for 10 years because they failed to see 14 clients over a 6 month period (while she was apparently going through chemo).
Great work ASIC, everyone should feel safe with you as the regulator.
Spot on
Even better, Lighthouse were granted an AFSL by ASIC back in 2022.
$480M invested into Shield Master Trust, $440M into First Guardian Master Fund $440M and $160M into Australian Fiduciaries Limited. Yes $80k is a reasonable amount of money but in it seems to me that ASIC probably should have been concentrating in a different area.
14 clients and $81,652 equates to an average of $5,832 so they didn’t miss on the annual fee, most of my clients wouldn’t be happy paying that fee without any “service” being provided so I am curious if this is an ASIC interpretation of no service or actual no service. The business was also a good size so 14 clients indicates the vast majority of the clients got “serviced”.
Yep should be doing the work to get paid, FFNS is not cool.
But at the same time we have the ALP, Industry Super Funds and ASIC trying to green light the biggest FFNS Hidden Commissions ever seen. And somehow that will be fine, there certainly won’t be any ISF call center backpackers getting banned for 10 years.
Good to see the compliance manager was on top of things there. Banning for 10 years seems a big high but we don’t know what occured without knowing more i suppose. Get what is coming. Get rid of these idiots I say.
She had Cancer and daughter was recently killed in a car crash and she took time off work from Feb 2022 and returned March 23 and upon returning to work she failed to refund the fees.
If that is true, ASIC are taking a rather heavy hand to this scenario. I guess they would ask to why she didnt refund the fees though, but there could be many reasons for this. I guess ASIC thinks Advisers are robots.
Sounds like there’s some mitigating circumstances. Regardless a ten year ban is outrageous.