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.
AUTHOR
Anastasia Santoreneos
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