ASIC has banned Brendan Rodwell, a former director of Australian financial services licensee 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 had reason to believe that Mr Rodwell, of Newcastle, is not adequately trained or competent to perform functions in, or control, a financial services business after failing to adequately address fees for no service (FFNS) conduct by Lighthouse Partners, one of Crown Wealth's representatives. In particular, ASIC found that Mr Rodwell, as a director of Crown Wealth:
- failed to take proactive steps to ensure Crown Wealth complied with its obligation to report the FFNS conduct to ASIC as a reportable situation within 30 days after becoming aware of it. Crown Wealth did not lodge a reportable situation with ASIC until six months after becoming aware of the FFNS conduct
- did not take adequate steps to confirm that the FFNS conduct was properly investigated and affected clients were properly remediated
- took a misguided approach that he could remain within his perceived operational responsibilities (which did not involve direct client contact or the provision of financial advice) rather than involve himself in the compliance and reporting obligations of Crown Wealth and that his inaction and inattentiveness to these obligations was a serious lapse in judgment, and
- demonstrated a lack of professionalism and competence, and a failure to act with the diligence expected of a director of a financial services licensee.
ASIC was satisfied that Mr Rodwell's conduct was the result of carelessness and inadvertence rather than a deliberate course of action to conceal or disregard the FFNS conduct.
The banning took effect from 23 October 2025 and has been recorded on ASIC's banned and disqualified register.
Mr Rodwell has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision.
Background
FFNS refers to the failure to deliver ongoing financial advice services to clients who were charged fees for those services.
The reportable situations regime requires licensees to notify ASIC of reportable situations: Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees (RG 78).
Lighthouse Partners Pty Ltd was a corporate authorised representative of Crown Wealth Group between 16 August 2018 and 4 April 2023.
On 13 March 2024 ASIC cancelled the Australian financial services licence of Crown Wealth Group after it was placed into voluntarily administration (24-060MR).
On 30 June 2025 ASIC banned former Lighthouse Partners director Kiriley Roper for 10 years for FFNS misconduct (25-121MR).
On 30 June 2025 ASIC banned former Lighthouse Partners director Timothy Archibald for 10 years for FFNS misconduct (25-232MR).
On 3 July 2025 ASIC banned former Crown Wealth Group director Andrew Moore for 3 years for failing to report FFNS misconduct (25-126MR).
Mr Rodwell's banning concludes ASIC's actions against entities and people involved in the FFNS conduct by Lighthouse Partners.
