Earlier this week, the Financial Services Commission of Ontario (FSCO) issued a warning about a company that appeared to be soliciting clients of Royal Bank of Canada (RBC) to sell them insurance without a licence.
On Thursday, it corrected that warning, and indicated that the company is working for RBC, but that it’s not selling insurance.
On July 29, FSCO issued a warning about a company called “Sentel Insurance”, which it said was calling RBC clients and offering identity theft protection insurance on behalf of RBC. (See Investment Executive, FSCO warns of identity theft insurance scheme, July 29, 2013.)
At the time, FSCO said that it had confirmed with RBC that the company “does not appear to be selling a valid product, is not a valid insurance agency associated with RBC, and is not licensed to do insurance business in Ontario.”
However, in an update published Thursday, FSCO reported that “RBC has since confirmed” that calls are coming from “an authorized provider of products and services for the bank known as Famtel.”
FSCO also noted that the company “does not offer, nor claims to offer, insurance products.”