ASIC bans brokerage director

The director of a Western Australian brokerage has received a four-year ban from providing financial services following contraventions of financial services laws.

ACI Broking Director Wayne Robert Miller has been banned as a result of failing to lodge audited financial accounts for the financial years of 2013 and 2014, and also failing to report the breach to ASIC.

The ban has come after ASIC cancelled the Australian Financial Services licenses for ACI Broking.

ASIC Commissioner John Price says: “Directors, key persons and responsible managers of Licensees should have an appropriate compliance culture.”

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,” Price adds.