Licensee head of compliance banned over fee-for-no-service failures

The Australian Securities and Investments Commission (ASIC) has banned former Sydney-based director Andrew Moore from performing any function involved in the carrying on of a financial services business, and from controlling an entity that carries on a financial services business for three years.

Last week, ASIC 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, which was an authorised representative of Crown Wealth Group, 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”.

Moore was previously a director, responsible manager and head of compliance at Crown Wealth Group.

“ASIC found that Mr Moore failed to recognise the seriousness of the fees-for-no-service conduct engaged in by one of Crown Wealth Group’s representatives, Lighthouse Partners, when he became aware of it,” ASIC said.

“As a result, the FFNS conduct was not investigated and the affected clients were not fully remediated. Lighthouse Partners failed to refund fees totalling $81,652.71 plus interest to affected clients.”

ASIC added it had reason to believe that Moore is “not adequately trained or competent”, due to failing to identify that the FFNS conduct should have been notified to ASIC as a reportable situation.

“Crown Wealth Group did not lodge a reportable situation with ASIC until six months after it became aware of the FFNS conduct,” the regulator said.

The ban took effect from 3 July 2025 and has been recorded on ASIC’s banned and disqualified register.

Moore has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.

On 13 March 2024, ASIC cancelled Crown Wealth Group’s Australian Financial Services Licence after it was placed into voluntary administration.