The compliance ordered issued by the Financial Services Regulatory Authority of Ontario (FSRA) against Greatway Financial has concluded with no monetary penalties, according to the MGA.
A press release from Greatway called the development an achievement that reflects its “unwavering commitment to transparency, compliance, and the highest standards of ethical conduct for its clients.”
The life insurance MGA went on to say that it collaborated closely with FSRA-vetted consultant to enhance agent training and training materials.
“As a result, the Great Place to Work-Certified™ organization, has emerged even stronger and better equipped to serve its agents, clients and improve even more lives,” the release stated further.
The compliance order against Greatway was issued in late 2022 after FSRA raised concerns regarding the training provided to its contracted agents.
FSRA had alleged that Greatway was “committing acts that might reasonably be expected to result in an unfair and deceptive act or practice.”
The regulator was particularly concerned over the potential for Greatway’s agents to provide customers with inappropriate, inaccurate, or misleading information regarding the terms, benefits, or advantages of certain insurance policies, including universal life policies sold as part of retirement plan strategies.
Greatway went from 1,400 agents selling 13,000 policies in 2018 to 4,000 agents selling almost 28,000 policies in 2022, according to the FSRA.
Greatway said it has already refined its supervision and monitoring processes for all agents.
These improvements include increased monitoring and review of proposed solutions by agents to “ensure suitability of the recommended products tailored to the clients’ needs,” according to Greatway’s press release.
“The conclusion of the FSRA order marks a new and exciting chapter for Greatway,” the release stated. “The company has leveraged this experience to enhance its already industry-leading agent support and training program to ensure clients receive the best possible financial solutions tailored to their needs and goals.”
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