Ontario’s Financial Services Regulatory Authority (FSRA) has issued an advisory, warning consumers that Hidden Ace Brokerage is not licensed to conduct business in the province.
In a notice, FSRA revealed that Hidden Ace Brokerage – based in the GTA – was conducting auto insurance business without a license. Not only does the brokerage not have a license with the FSRA, it is also not licensed by the Registered Insurance Brokers of Ontario (RIBO).
“A licensed corporate insurance agent regulated by the Insurance Act, or an insurance brokerage licensed by RIBO under the Registered Insurance Brokers Act, can provide information and advice on the benefits and risks involved with purchasing different insurance products,” the FSRA said in a statement.
Consumers were advised by the FSRA to exercise caution if they are contacted by Hidden Ace, and have also been encouraged not to obtain any insurance products through the brokerage.
The regulator also warned that consumers who purchase items or insurance from individuals or entities that are not licensed as agents or insurers in Ontario are not protected under the Insurance Act and the regulations that govern the province’s licensed companies and agents.
