ASIC has banned former Sydney based director, Andrew Moore, 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 3 years.
Mr Moore was a director, responsible manager and head of compliance at Crown Wealth Group. ASIC found that Mr Moore failed to recognize the seriousness of the fees for no service (FFNS) conduct engaged in by one of Crown Wealth Group's representatives, Lighthouse Partners, when he became aware of it. 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 had reason to believe that Mr Moore is not adequately trained or competent for reasons including that he ought to have identified 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 banning took effect from 3 July 2025.
The banning has been recorded on ASIC's banned and disqualified register.
Mr Moore has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision.
Background
Lighthouse Partners Pty Ltd (Lighthouse) was a corporate authorised representative of Crown Wealth Group.
On 13 March 2024 ASIC cancelled the Australian financial services licence of Crown Wealth Group after it was placed into voluntarily administration (24-060MR).
The reportable situations regime requires licensees to notify ASIC of reportable situations. ASIC published its Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees (RG 78) in December 2023.
ASIC banned former Lighthouse Partners director, Kiriley Roper for 10 years for FFNS misconduct (25-121MR).
