ASIC has banned Wayne Robert Miller, director of ACI Broking (WA), from providing financial services for four years.
Miller’s ban comes
after ASIC cancelled the Australian Financial Services Licenses for the brokerage and its related entities in September last year.
The regulator found that Miller, who was the sole director, key person and responsible officer for ACI Broking (WA), was “involved in contraventions of financial services laws,” including failure to lodge audited financial accounts for FY13 and FY14 within a required timeframe and failure to report this breach to the regulator.
John Price, ASIC commissioner said, that the ban should act as a warning to other directors and the insurance industry in general.
“Directors, key persons and responsible managers of Licensees should have an appropriate compliance culture,” Price said.
“ASIC will act to remove people from the insurance industry that fail to discharge the duties and obligations imposed upon them by the financial services laws.”
Miller has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.
