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The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers about Sentel Insurance, which isn’t licensed to sell products in Ontario.

The commission has been that informed a company or individual has been placing phone calls to RBC clients, saying they’re calling on behalf of “Sentel Insurance.”

The calls come from the following phone number: 587-880-4306. Callers are asking for each recipient’s personal information, allegedly for the purposes of offering identity theft protection insurance on behalf of the bank.

As a result, FSCO earlier confirmed with RBC that Sentel Insurance doesn’t appear to be selling a valid product. That provider and RBC aren’t linked.

Make sure to warn clients that if they buy insurance from agents or insurers that aren’t licensed in their province, they aren’t protected under the Insurance Act. They also aren’t covered under the regulations that govern Ontario’s licensed insurance companies and agents.

To help out, FSCO’s website contains a list of all insurance companies and agents licensed in Ontario.

Read:

5 types of insurance fraud

FSCO indentifies shifty auto insurers

Originally published on Advisor.ca
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GREG.TAYLOR.1

How about Royal Bank and other financial institutions stop the practice of selling calling lists. If the FSCO has any mandate, it should be clamping down on this type of activity. I can’t believe this article actually suggests I warn my clients. The Royal Bank needs to get their act in gear and notify all of their customers that one of their distributed call lists, they have likely sold, has got in the hands of a fraudulent company. How about some sense of ownership by the Royal Bank….

Tuesday, Jul 30, 2013 at 10:27 am Reply