Ontario financial regulators are issuing new warnings about unregistered insurance and mortgage brokerage firms.
The Financial Services Commission of Ontario (FSCO) is warning consumers about unlicensed firms, Royal Insurance Company and Stock Exchange Insurance, which appear to be engaged in insurance scams. FSCO says that victims of the scam report being directed to call 601-990-6303 and speak with ‘Gina’ about arranging insurance.
It stresses that these firms are not licensed to do insurance business in Ontario, nor are they affiliated with Royal & Sun Alliance Insurance Company of Canada. And, it warns that if consumers purchase insurance from agents that are not licensed, they are not protected under the Insurance Act or the regulations governing licensed companies and agents.
Additionally, FSCO is also warning consumers about unlicensed companies, 3skfinancial and 3SK financial Inc., soliciting mortgage brokerage business through online ads on the websites such as Flyerland.ca and kijiji.ca. It notes that these firms are not licensed in Ontario; and, as with unlicensed insurance firms, customers who deal with them aren’t protected under legislation governing legitimate firms.