ASIC bans director for four years after cancelling company's AFSL

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ASIC has banned a WA man from providing financial services for four years.

The ban follows the cancellation of ACI Broking WA's AFSL. ASIC said Wayne Robertt Miller was at the time the sole director, key person and responsible officer for ACI Broking WA and related entities.

The regulator said it banned Miller after finding he was involved in contraventions of financial services laws by ACI Broking WA and related entities. These included the failure to lodge audited financial accounts for FY2013 and FY2014 within the required timeframe, and the failure to report the breach to ASIC.

"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," ASIC commissioner John Price said.

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