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Brokers want confidentiality rules changed

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Insurance Business | 12 Sep 2012, 04:30 AM Agree 0
Canadian insurance brokers are seeking a legislative change to the Bank Act so they can find out what happened to their complaints about banks.
  • Frank Robinson | 12 Sep 2012, 01:06 AM Agree 0
    I understand not knowing about an OSFI investigation of the banks. But if you can't know the outcome of a complaint, how is the public going to know whether or not they have been protected? Do they just have to remain diligent in seeing whether or not the laws have been complied with? It's as if the onus falls on the public to check banks' compliance with the law in the absence of knowing whether or not OSFI has taken any action.
  • Thom. Young | 12 Sep 2012, 03:17 AM Agree 0
    Where's all this transparency that those of us in the Insurance business are held to account for? One of the essential reasons for full disclosure of illegal or even questionable actions by the banks is the threat of public exposure of their actions. If there is no threat to be exposed and the penalty if any is private between the regulator and the bank where's the public protected by the regulation?

    Perhaps the brokers association should move to a civil action for the damages caused by the banks and their insurance subsidiaries actions. First witness called could be the investigator from OSFI?
  • Brayan | 14 Nov 2012, 01:24 AM Agree 0
    No. They don't all charge the csoeumtr. If they do it shouldn't be too high, less than $ 50.However, there are plenty that don't charge at all. They get their fees from the insurance companies that they recommend to you. You can even use online brokers to get an idea of the best prices available for free and then go directly to the company you think is the best and get an even better deal through them if you be sure to check into all the available discounts.
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