ASIC bans former AJG broker

ASIC has permanently banned Perth insurance broker, Antonino Gucciardi, from the financial services industry for misleading, deceptive and dishonest conduct.

Gucciardi was employed as an insurance broker by Arthur J Gallagher & Co (AUS) Ltd (AJG), formerly OAMPS Insurance Brokers Ltd, for the period 1 August 2011 to 28 October 2015 and was an authorised representative of AJG from 29 October 2015 to 27 July 2016.

ASIC found that between 1 August 2011 to 3 August 2016, 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. 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 Gucciardi continued these practices and engaged in dishonest conduct while he was an authorised representative of AJG.

Gucciardi has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision and his banning will be reflected on ASIC’s Banned and Disqualified Persons Register.