New Brunswick’s Financial and Consumer Services Commission (FCNB) announced on Tuesday that it has revoked the licence of Dean Fletcher — who had been a licensed insurance broker since 1988 and was the owner of Harvey Insurance Ltd. — after a hearing revealed that Fletcher “failed to obtain insurance for clients who believed that insurance was in place” on several occasions.
The evidence in the case, the FCNB says, showed that Fletcher failed to obtain insurance policies for clients who believed that policies were in place; accepted payment of premiums for non-existent policies; directed payments to accounts other than the firm’s trust account; failed to pay over insurance premiums to the insurer; and failed to maintain proper records.
The FCNB says its staff determined that “Fletcher had a prior history of regulatory infractions for similar conduct in 2006,” which resulted in him being placed under supervision with terms and conditions on his licence.
This time around, “the acting superintendent determined that Fletcher’s actions and conduct raised into question his competency and trustworthiness to transact business as an insurance broker,” the regulator reports.
Fletcher’s and Harvey Insurance’s clients should contact their insurance company directly to confirm that all of their coverage is actually in place, the FCNB says.
“The commission has a responsibility to see that the public interest is protected and that consumers have confidence that the industry operates properly, fairly and with integrity. Those working in the industry need to have the confidence that the industry is properly regulated and that those operating in the industry are competent to do so,” said Jake van der Laan, director of enforcement with FCNB. “Therefore, a revocation of Mr. Fletcher’s licence, while a severe sanction, was warranted.”