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ASIC's crackdown on commissions continues

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Australian Broker | 15 Jul 2015, 08:10 AM Agree 0
ASIC’s crackdown on commissions continues with an insurance broker being permanently banned after the regulator found he was “motivated by his own potential gains”
  • Clarke Kent | 15 Jul 2015, 12:51 PM Agree 0
    Hang on here this is Insurance!. And by the way clawbacks apply to their sales as well, in fact the clawback period now for new insurance policies in now been pushed out to 3 years!. This dude was a rogue let him pay the price for his crime not everyone else in the industry who are trying to make a bona fide income! Hands off commission levels ASIC (a tax funded government sheriff) :(
  • SEQ Broker | 16 Jul 2015, 09:12 AM Agree 0
    ASIC has no credibility with me any more. I met a potential customer who had been really done over by a major bank and he had documentary evidence to prove it. I got him in touch with ASIC and 2 years later still nothing. ASIC is a child with a magnifying glass and brokers are the ants. I bet if a broker had defrauded my customer and I reported it they would be all over that. Until ASIC stands up to the big 4 in a big way, they wont have any cred.
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