Former compliance head banned over failure to report fee-for-no service
A former licensee director, who failed to report an adviser’s fee-for-no-service (FFNS) conduct, has been banned for three years by ASIC.
Former Sydney-based director and head of compliance, Andrew Moore, was banned 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.
Moore was previously a director, responsible manager and head of compliance at Crown Wealth Group.
Last week, ASIC announced the banning of former Redcliffe-based financial adviser and director Kiriley Roper (also known as Kiriley Suckling) of Lighthouse Partners 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 at 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.
Regarding Moore, ASIC said he “failed to recognise the seriousness” of the FFNS conduct at Lighthouse when he became aware of it and failed to promptly lodge a reportable situation with the regulator.
“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 said.
ASIC added that it has 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.
Recommended for you
While crypto continues to gain traction among investors globally, improving accessibility for financial advisers is key to helping them serve the demand from younger clients, but there are some barriers still hindering adoption.
Investment platform Praemium has reported strong 2024–25 financial year results, with large increases across a range of business metrics, which it credits to the firm’s strategy and high-net-worth focus.
Alternative investment manager Regal Partners has set a target of doubling its offshore funds under management within three years amid strong inflows from offshore investors in the first half of 2025.
Fitzpatricks Advice Partners has formed a strategic alliance with two chapters of a global business support and networking organisation, expanding its offering for the firm’s advisers.
