The Financial Services Regulatory Authority of Ontario (FSRA) has launched enforcement proceedings against Victor Ferreira and his firm, Ferreira Insurance & Investment Concepts (FIIC).
According to FSRA, Ferreira and FIIC are deemed unfit to hold licences under the Insurance Act, R.S.O. 1990, c.I.8, as amended (the Act), due to infractions including non-payment of administrative monetary penalties levied against them and providing significant misstatements or omissions in their licensing applications.
Ferreira, who has been licensed continuously as a life and accident & sickness insurance agent since 1994, and his firm failed to disclose multiple complaints made against them, among other things.
FSRA intends to deny the renewal of both Ferreira’s life insurance agent license and FIIC’s corporate licence.
In the notice of proposal seen by Insurance Business, the regulator noted: “FSRA must assess suitability keeping in mind that the purpose of licensing is to ensure that consumers receive competent and ethical insurance brokering services from those licensed to participate in the industry.
“When FSRA issues a licence, it is considered a public endorsement that the licensee can serve as a trusted advisor to their clients who often rely on their insurance agents when making important financial decisions that can have a significant impact on their lives and wellbeing. When applicants fail to disclose information related to suitability, they prevent FSRA from performing its gatekeeping function to assess who is eligible for a licence.
“The director believes, on reasonable grounds, that the applicant and corporation are not suitable and are not of good character or reputation to be licensed under the Act. Their conduct poses a significant risk to consumers that cannot be cured by attaching conditions to the licenses.”
Ferreira and FIIC have requested a hearing before the Financial Services Tribunal to contest the proposed non-renewal.
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