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.
The regulator strongly advises against buying any form of insurance from Glendale Financial, including policies covering loans, due to the significant risks involved. Consumers engaging with unlicensed entities do not receive protection under the Insurance Act, leaving them vulnerable to invalid policies and uncovered claims.
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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