Asic bans insurance broker

The executive chairman of Wembley-based ACI Broking Services has been banned from providing financial services for four years by the corporate watchdog.

After cancelling ACI Broking’s financial services licence last year, the Australian Securities and Investments Commission has banned Wayne Miller from the industry.

“Asic banned Mr Miller after finding he was involved in contraventions of financial services laws by ACI Broking and related entities, including the failure to lodge audited financial accounts for FY13 and FY14 within the required timeframe and the failure to report this breach to Asic,” the watchdog said.

ACI Broking’s main business was providing insurance for commercial and domestic clients, and providing advice for risk management, insurance products and insurance placement.

The company is a fully owned subsidiary of Australian Consolidated Insurance, which inturn is fully owned by Insured Group.

Insured Group was delisted from the main board of the New Zealand stock exchange in 2014.

Asic commissioner John Price said 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,” Mr Price said.