The Australian Securities and Investments Commission (ASIC) has imposed a 10-year ban on Timothy Archibald, former director and financial adviser of Lighthouse Partners, prohibiting him from providing financial services or participating in any financial services business due to his involvement in fees-for-no-service (FFNS) conduct affecting 14 clients between January 2022 and October 2023. As CEO and shareholder, Archibald failed to promptly report or investigate the FFNS conduct, neglected to implement preventive systems, and personally benefited by not refunding approximately USD 81,652 in fees plus interest, despite issuing fee disclosure statements acknowledging the misconduct, leading ASIC to deem him unfit for the financial services industry.
ASIC Issues 10-year Ban to Former Lighthouse Partners Director
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