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Fake brokers are threat

MORE than 300 people could be posing as registered insurance brokers, says the Australian Securities and Investments Commission.

ASIC research found 300 people advertising as insurance brokers in the Yellow Pages who are unregistered. These people have been given until April 19 to register.

The ASIC’s Office of Consumer Protection director Peter Kell said the registration of insurance brokers was the most effective way for the ASIC to ensure proper standards throughout the industry.

“People who deal with an unregistered broker run a higher risk of not being insured because premiums may not have been passed on to the insurance company,” Mr Kell said.

“The ASIC has dealt with cases where consumers thought they were insured but when an expensive accident occurred they found no policy was in place.”

He said consumers unsure whether their broker was registered should:

1. Check with the ASIC to see if the broker is registered

2. If the broker is unregistered check with the company providing the policy to make sure a valid policy is in place

3. Contact the ASIC if the broker is unregistered.

A register of licenced and registered brokers is available by calling 1300 300 630.

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