A former Perth-based insurance broker has been permanently banned from the financial services industry by the corporate watchdog for misleading, deceptive and dishonest conduct.
Antonino Gucciardi worked for Arthur J Gallagher & Co, which was formerly OAMPS Insurance Brokers and now trades as Gallagher, and is ranked as the second largest insurance broker in WA on the BNiQ Search Engine with 103 brokers.
The Australian Securities and Investment Commission outlined a number of concerns with Mr Gucciardi's actions between 2011 and 2016.
“Asic found that between August 1 2011 and August 3 2016, Mr Gucciardi engaged in misleading and deceptive conduct by creating invoices for services provided to clients which failed to disclose the broker fees charged and/or the true premium payable for the products,” Asic said.
“He also charged clients excessive broker fees to meet his broking budget, thereby misrepresenting the true cost of those services to both his clients and AJG.
“Asic also found that Mr Gucciardi continued these practices and engaged in dishonest conduct while he was an authorised representative of AJG.”
Mr Gucciardi can appeal the decision.