Jim Ruta cautions that banning sales incentives may lead to fewer families with life insurance coverage
AMF & CCIR to look at how incentives influence insurance advisors
The regulator’s paper follows a 2015 survey highlighting several concerns, including the management of conflicts connected with remuneration
The firm spent $2 million on a conference that violated the rules and included lavish gifts for reps, including Dom Perignon, jewelry and golf outings
The aim is to avoid conflicts of interest when selecting reps to attend conferences
The CFPB is warning financial services firms to avoid using sales incentives that encourage employees to put consumers into inappropriate products
Following in Great-West Life’s and Canada Life’s footsteps, the two insurance giants are looking to put sales incentive programs, such as all-expenses-paid trips, in the past
The firms will no longer host volume-based incentive conferences to ensure advisors can operate without any perceived conflicts of interest
The OSC, the MFDA and IIROC are planning reviews of fees and incentives that could negatively affect clients
Review finds 10% of firms are still using higher-risk incentive schemes