Similar orders have not been made in B.C., where the company has five offices.
A life insurance agency operating five offices in B.C. has been sanctioned by Ontario’s financial regulator for potentially deceptive sales tactics.
Greatway contracts with life insurance companies and acts as an intermediary between the insurers and its agents. Such agencies are regulated by the council. The Ontario authority had alleged that “agents trained by Greatway may provide consumers with information and advice which is inappropriate, inaccurate or misleading regarding the terms, benefits or advantages of certain insurance policies, including universal life policies sold under an insured retirement plan strategy.”
The compliance order states, “Greatway disagrees with some of the allegations in the NOP but wishes to cooperate with FSRA to address the alleged deficiencies in the Training.” Conduct under review in B.C. What’s unclear is how many Greatway agents operate in B.C. and how many policies have potentially been sold in this province under the circumstances outlined by the FSRA.British Columbia’s chief financial regulator, the BC Financial Services Authority is the FSRA’s provincial sibling that bills itself as the “single integrated regulator of B.C.
The council informed Glacier Media its compliance review commenced Oct. 22, 2022, following FSRA’s notice of proposal.
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