Canada Dashboard Digest

Insurance Industry: Banks Continue To Flout Regulations

FINANCIAL PRIVACY

August 31, 2012

According to Steve Masnyk, public affairs manager for the Insurance Brokers Association of Canada (IBAC), the banking sector is “defying” federal regulations aimed at preventing the comingling of banking and insurance activities—and he sees no end to it, reports The Canadian Press. The IBAC recently filed a complaint against the Royal Bank of Canada (RBC) alleging the company sent letters attempting “to leverage the customer’s relationship with RBC Royal Bank in order to solicit the customer to insure his cars and home with RBC Insurance.” RBC has responded by saying, “We are committed to regulatory compliance and respect the Bank Act and privacy legislation.”
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