23 July 2018 13:30
Two firms in the insurance industry have agreed arrangements with thefinancial markets Authority before the administrative Tribunal of the financial markets in the wake of breaches of the Act respecting the distribution of financial products and services. The agreements were approved on 7 June.
Gexel Finance and insurance Services Optima, the two firms in the insurance sanctioned, as well as their officers responsible, have tolerated their representatives, working in subsidiaries of télémarkéting, do not fulfill their obligations at the offering of group insurance products. In particular, in does not collect personal information necessary for the evaluation of the needs of customers, holders of credit cards.
The case of Gexel Finance
Thus, the Court has ordered Gexel Telecom International, a subsidiary of Gexel Finance, to submit to the Authority gains on the result of the deficiencies identified, or 30 113 $. Gexel Finance must also pay an administrative penalty of $ 55,000 for the shortcomings and will have to find a new leader, previously approved by the Authority.
Michele Lato, manager of the company, will be required to pay an administrative penalty of $ 5,500 for the shortcomings. The Court banned him from acting, directly or indirectly, as an officer responsible for any firm assurance until he follow and successfully complete the course Ethics and professional practice. The Court has also attached to its certificate of a restriction according to which it must be attached to a firm of which he is not the accountable officer until June 30, 2019.
The case of Optima Insurance
The Court ordered the firm to télémarkéting Optima Communications International, a subsidiary of Optima Insurance, to submit to the Authority gains on the result of the deficiencies identified, i.e. the amount of 1 184 $. Optima Insurance will also have to pay an administrative penalty of $ 40,000 for the violations found, and shall proceed to the appointment of a new director responsible, approved by the Authority, in lieu of the officer of the company, Peter O Gleman. The latter will have to pay an administrative penalty of $ 4,000 for the failures observed while he was the officer in charge of Optima Insurance.