WA insurance broker permanently banned

A Perth insurance broker has been permanently banned from the financial services industry for misleading, deceptive and dishonest conduct but can appeal to the Administrative Appeals Tribunal for a review.

Antonino Gucciardi was a broker at Arthur J Gallagher & Co, formerly OAMPS Insurance Brokers, from August 2011 to October 2015 and was a representative of AJG from October 2015 to July 2016.

ASIC found he created client invoices that failed to disclose the broker fees charged and/or the true premium payable for products. He also charged clients excessive fees to meet his budget.