Loan broker called out for unauthorized insurance sales

Loan broker called out for unauthorized insurance sales | Insurance Business Canada

Insurance News

Loan broker called out for unauthorized insurance sales

One case leaves a customer with no loan, insurance, or refund

Insurance News

By
Terry Gangcuangco

The Financial Services Regulatory Authority of Ontario (FSRA) has cautioned the public about Glendale Financial Group Ltd., highlighting that the company does not hold a license to sell or arrange insurance coverage within the province. According to FSRA, Glendale Financial is known to operate as a personal loan brokerage in the Greater Toronto and Hamilton area.

Glendale Financial promotes its offerings via its website and uses various contact methods, including phone number (343) 630-0150, operating under different names such as Corey Kennedy, Cindy Taylor, and Tim Burton. The business lists its address at 21 King St W, Hamilton, ON L8P 4W7, and can be contacted through [email protected].

It has come to light that Glendale Financial may condition the provision of personal loans on the purchase of its “Basic Coverage Policy” loan insurance. It was reported that in at least one case, a customer paid the insurance premium but did not receive the promised loan nor a refund of the premium.

For those seeking insurance services in Ontario, FSRA recommends consulting its website to verify the licensing status of agents and insurers. Additionally, the Registered Insurance Brokers of Ontario (RIBO) provides a full list of licensed brokers in the province, ensuring consumers can make informed decisions and seek reliable advice on insurance products.

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