Fee-for-no-service failures lands adviser 10-year ban

The Australian Securities and Investments Commission (ASIC) has banned former Lighthouse Partners financial adviser and director, Timothy Archibald from providing financial services for 10 years.

According to the regulator, Lighthouse Partners engaged in fees for no service (FFNS) conduct in relation to 14 clients between January 2022 and October 2023.

During this period, Archibald was the CEO and a director, shareholder and financial adviser of Lighthouse Partners.

“He became aware of the FFNS conduct and failed to report it immediately to the licensee, Crown Wealth Group (although he ultimately did so). He also failed to immediately and adequately investigate the FFNS conduct and to implement adequate systems to prevent it from reoccurring,” ASIC said.

“ASIC also found that it had reason to believe that Mr Archibald is not a fit and proper person to participate in the financial services industry, including because as one of Lighthouse Partners’ shareholders, Mr Archibald enriched himself at the expense of affected clients by failing to refund an estimated $81,652 in fees plus interest.”

The regulator added that Archibald had “ignored warnings” that an offer of a review for ongoing service clients was insufficient and “issued fee disclosure statements to clients which acknowledged FFNS conduct had occurred”.

Archibald is now restrained from providing any financial services, performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee or contractor), and controlling an entity that carries on a financial services business.

While the banning order took effect from 30 June 2025, Archibald applied to the Administrative Review Tribunal (ART) for a review of ASIC’s decision, alongside an application for orders staying the implementation of the banning order and prohibiting ASIC from publicising the banning decision.

Archibald withdrew his application for those orders on 1 October 2025, ASIC said.

In July, ASIC announced it had banned director, shareholder and financial adviser of Lighthouse Partners Kiriley Roper (also known as Kiriley Suckling) from providing financial services for 10 years.

The regulator also has banned Andrew Moore, who was previously a director, responsible manager and head of compliance at Crown Wealth Group, for three years.

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.