Regulator suspends firm and agents amid alleged misconduct
Draft guidance forms part of larger effort to improve industry conduct
New guidance will target responsibilities of insurers, MGAs, and identify suitability requirements for life agents
FSRA brought similar allegations against the agent earlier this year
Almost half of high-risk agent reviews found best-practice failures
Supervision framework “largely based on delegation to upline agents,” regulator alleged
Protecting independence of advisors was "foremost" in the decision, BridgeForce co-presidents said
FSRA also reiterated that it wants clients to be protected from seg fund deferred sales charges, regardless of when the funds were purchased
Greatway must also send its universal life policyholders information to assist them in assessing the policy's appropriateness
At an annual Advocis event, FSRA raised concern about sales incentives being misaligned with customer needs