The Australian Securities & Investments Commission (ASIC) has banned former Lighthouse Partners financial adviser and director Timothy Archibald from providing financial services for 10 years, following findings of fees for no service (FFNS) conduct and inadequate action to address it. ASIC found that Lighthouse Partners engaged in FFNS conduct affecting 14 clients between January 2022 and October 2023, during which Mr Archibald was CEO and a director, shareholder and financial adviser. After becoming aware of the FFNS conduct, he did not immediately report it to the licensee Crown Wealth Group, did not immediately and adequately investigate it, and did not implement adequate systems to prevent recurrence. ASIC also formed the view that Mr Archibald was not a fit and proper person, including because he failed to refund an estimated AUD 81,652 in fees plus interest, ignored warnings that merely offering reviews to ongoing service clients was insufficient, and issued fee disclosure statements acknowledging FFNS had occurred. The ban prohibits him from providing financial services, performing functions in a financial services business, and controlling an entity that carries on a financial services business, and it is recorded on ASIC’s banned and disqualified register. The banning order took effect from 30 June 2025. Mr Archibald has applied to the Administrative Review Tribunal for review of ASIC’s decision, and he withdrew a separate application seeking to stay the ban and prevent ASIC from publicising it.
Australian Securities & Investments Commission 2025-10-09
Australian Securities & Investments Commission bans former Lighthouse Partners director Timothy Archibald for 10 years over fees for no service failures
The Australian Securities & Investments Commission (ASIC) has banned Timothy Archibald, former financial adviser and director at Lighthouse Partners, from providing financial services for 10 years due to fees for no service (FFNS) conduct and inadequate response measures. Archibald failed to report, investigate, or prevent FFNS affecting 14 clients and did not refund AUD 81,652 in fees. The ban, effective from 30 June 2025, is recorded on ASIC’s banned and disqualified register, and Archibald has sought a review of the decision.