Insurance broker permanently banned
The Australian Securities and Investments Commission (ASIC) has permanently banned Perth insurance broker, Antonino Gucciardi, from the financial services industry for misleading, deceptive and dishonest conduct.
Gucciardi, who was employed as an insurance broker by Arthur J Gallagher & Co (AJG) between August 2011 and October 2015, and was subsequently an authorised representative until July 2016, failed to disclose broker fees charged and premiums payable in client service invoices.
An ASIC investigation also found Gucciardi had charged clients excessive broker fees to meet his broking budget, misrepresenting the true cost of those services to his clients and his employer.
Gucciardi continued these practices and engaged in dishonest conduct while acting as an authorised representative of AJG, according to ASIC.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
