Under its AFSL, Miller & Associates is authorised by ASIC to provide advice and deal in general insurance products.
As an Australian Financial Services Licensee, Miller &
Associates is obliged to prepare a Compliance Programme document.
The document details
Miller & Associates programme objectives,
commitment to compliance and how to ensure objectives are met.
The Miller & Associates board has formed a compliance committee
headed by the Company Chairman, another Director, the Financial
Controller and a
senior employee.
The committee has formulated a compliance programme which is fully integrated into all Miller & Associates operations.
All members of staff are provided with a procedures manual.
A senior employee in each office is charged with ensuring that the compliance programme and company procedures are being followed and reports to the compliance committee which meets every two months. The compliance committee provides a report to the Board following each meeting.
File audits of each office’s files are carried out regularly by staff from another office, with a written report being provided to the branch compliance officer and compliance committee who follow up any departures from the company procedure.
A copy of the procedures manual is available "on line" to all members of staff. It is constantly reviewed for adequacy and relevance.
In addition, Miller & Associates is a member of the Insurance Brokers Disputes Scheme and subscribe to the General Insurance brokers Code of Practice.
Contingent Commissions
The insurance scandal that began in the USA about secret commissions earned by many of the world′s largest brokers has enveloped their Global operations.
Miller believes that it is relevant that, in contrast, Miller is the only broker it is aware of that has publicly stated that it has never been involved in such transactions and that it never will.
A copy of a statement issued by Graham Clarke – Chief Executive of Miller Insurance Services Limited follows:
"Following the recent announcement that Eliot Spitzer, the New York Attorney General, has commenced legal proceeding against Marsh & McLennan (Marsh) based on allegations of fraudulent business practices including price fixing, anti trust breaches, fraud and unfair enrichment, along with other matters linked to the practice of having Placement or Market Services Agreements (PSA′s or MSA′s) with its markets, we are receiving requests from clients for a statement on our stance on PSA′s/MSA′s.
Miller Insurance Services Limited ("Miller”) does not have PSA′s/MSA′s with any insurer, as it does not believe that these are in the best interests of its clients. Miller does not condone PSA′s/MSA′s and its internal policies and procedures clearly prohibit such practices. Miller is and has always been, happy to outline the basis of its remuneration with its clients.”