Former Lighthouse Partners financial adviser and director Timothy Archibald has been banned by ASIC from providing financial services for 10 years.
ASIC banned Archibald after allegedly finding his firm engaged in fees for no service (FFNS) conduct in relation to 14 clients between January 2022 and October 2023.
The order took effect on 30 June. Archibald has applied to the Administrative Review Tribunal to challenge the decision, with a hearing set for 16 March 2026.
During this period, Archibald – of Redcliffe, Queensland – was the CEO, director, shareholder, and financial adviser of Lighthouse Partners.
ASIC alleges he became aware of the FFNS conduct and failed to report it immediately to the licensee, Crown Wealth Group (although he ultimately did so).
It’s also alleged by the regulator that he failed to immediately and adequately investigate the FFNS conduct and to implement adequate systems to prevent it from reoccurring.
ASIC also states it had reason to believe Archibald is not a fit and proper person to participate in the financial services industry, alleging that 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.
It is also claimed Archibald ignored ASIC’s 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.
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
In July Archibald applied to the ART for orders staying the implementation of the banning order and prohibiting ASIC from publicising the banning decision. He withdrew his application for those orders on 1 October 2025.
