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Regulator bans ‘misleading and deceptive’ broker

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The Australian Securities and Investments Commission has permanently banned Perth authorised representative Antonino Gucciardi from the financial services industry.

From August 1 2011 to August 3 2016 he engaged in misleading and deceptive conduct by creating invoices for services without disclosing broker fees or true premiums payable. He charged clients excessive fees to meet his broking budget, the regulator says.

Mr Gucciardi was an employed insurance broker of Arthur J Gallagher, formerly OAMPS, from August 1 2011 to October 28 2015, and was an authorised representative of Gallagher from October 29 2015 to July 27 2016.