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.

ASIC found that Lighthouse Partners engaged in fees for no service (FFNS) conduct in relation to 14 clients between January 2022 and October 2023. During this period, Mr 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.

The regulator 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. Mr Archibald ignored warnings about the mere “offer” of a review to ongoing service clients being insufficient, and issued fee disclosure statements to clients which acknowledged FFNS conduct had occurred.

Mr Archibald has been banned for 10 years 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.

Lighthouse Partners Pty Ltd was a corporate authorised representative of Australian financial services licensee Crown Wealth Group Pty Ltd.

On 13 March 2024 ASIC cancelled the Australian financial services licence of Crown Wealth Group after it was placed into voluntary administration.