Be up-front with fees: ASIC
Financial planners holding insurance broking licences should take note of a recent ASIC warning about disclosure of commissions.
ASIC warned Townsville-based firm Trojan Insurance Brokers about its disclosure to clients which the financial services watchdog says was not presented properly.
ASIC found that Trojan had breached the Insurance Agents and Brokers Act by failing to properly disclose the fees charged to its clients.
It says Trojan included the details of its broker fees in the amount of the premium on the invoices sent to clients, which left the clients unaware of the amount of the fees in certain circumstances.
Trojan has agreed that in future it will disclose amounts charged to clients as broker fees and show the amount separately from any premium, stamp duty or levy.
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