Australian Securities & Investments Commission bans former Crown Wealth Group director Brendan Rodwell for two years over fees for no service breach reporting failures

The Australian Securities & Investments Commission (ASIC) has banned Brendan Rodwell, a former director of Crown Wealth Group Pty Ltd, from performing any function involved in carrying on a financial services business and from controlling an entity that carries on a financial services business for two years. ASIC concluded he was not adequately trained or competent after failing to adequately address fees for no service (FFNS) conduct by Lighthouse Partners, one of Crown Wealth’s representatives. ASIC found Rodwell did not take proactive steps to ensure Crown Wealth reported the FFNS conduct to ASIC as a reportable situation within 30 days after becoming aware of it, with the report lodged six months later. He also did not take adequate steps to confirm the conduct was properly investigated and affected clients were properly remediated, and ASIC characterised his attempt to remain within perceived operational responsibilities rather than engage with compliance and reporting obligations as a serious lapse in judgment. ASIC assessed the conduct as careless and inadvertent rather than deliberate concealment, and the ban took effect from 23 October 2025 and is recorded on ASIC’s banned and disqualified register. Rodwell may apply to the Administrative Review Tribunal for review of ASIC’s decision. ASIC also noted that the banning concludes its actions against entities and individuals involved in the Lighthouse Partners FFNS conduct.