ASIC bans second adviser over failing to report fee for no service
ASIC has banned the former CEO of Lighthouse Partners from providing financial services for 10 years after failing to report fees for no service conduct, the second individual banning from this firm.
Timothy Archibald of Redcliffe, Queensland, worked at Lighthouse Partners as CEO, director, shareholder, and financial adviser, and during his tenure, Lighthouse Partners engaged in fees-for-no-service (FFNS) conduct in relation to 14 clients between January 2022 and October 2023.
Archibald 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 also found that it had reason to believe that Archibald is not a fit and proper person to participate in the financial services industry, including because, as one of Lighthouse Partners’ shareholders, he enriched himself at the expense of affected clients by failing to refund an estimated $81,652 in fees plus interest.
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.
In July, Kiriley Roper (also known as Kiriley Suckling) was banned from providing financial services for 10 years. Roper was a director, shareholder, and financial adviser of Lighthouse Partners.
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).
- Controlling an entity that carries on a financial services business.
The banning order took effect from 30 June 2025 and is recorded on the banning and disqualified register.
On 2 July 2025, Archibald applied to the Administrative Review Tribunal (ART) for a review of ASIC’s decision and for orders staying the implementation of the banning order and prohibiting ASIC from publicising the banning decision. However, he later withdrew his application for those orders on 1 October 2025.
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