TORONTO, May 14, 2024
/CNW/ - Ontario's financial
services regulator, FSRA, is warning consumers that Glendale
Financial Group Ltd. ("Glendale Financial") is not licensed to
conduct insurance business in the province.
Glendale Financial is believed to be a personal loan broker
operating out of the Greater
Toronto and Hamilton
Area.
We recommend consumers avoid purchasing insurance, including
loan insurance, from Glendale Financial. There are potential
risks.
Consumers are not protected under the Insurance
Act when purchasing insurance from unlicensed individuals
and/or companies. If you purchase insurance from unlicensed
individuals, you have no assurance the policy is valid, which can
result in claims not being covered.
Glendale Financial advertises its services online and appears
to be using the following contact information:
- Phone number: (343) 630-0150
- Aliases: Corey Kennedy,
Cindy Taylor, Tim Burton
- Business address: 21 King St W, Hamilton, ON L8P 4W7
- E-mail: info@glendalefinancialgroup.com
- Website: www.glendalefinancialgroup.com
Glendale Financial is known to offer personal loans to consumers
on the condition that consumers first purchase loan insurance from
Glendale. The loan insurance is
described as a "Basic Coverage Policy."
Allegedly in one instance, a consumer was asked to
pay loan insurance premiums before receiving their loan. Following
the loan insurance premium payment, the loan was not granted, and
the loan insurance premium was not returned.
Check FSRA's website to make an informed choice when working
with an Ontario
insurance agent or insurer. In addition, see
the Registered Insurance Brokers of Ontario's (RIBO) website for a list of
all RIBO-licensed insurance brokers.
A FSRA-licensed insurance agent or a RIBO-licensed insurance
broker can provide appropriate advice and recommendations on
insurance products and tips to avoid insurance sales scams.
Contact
For media inquiries:
Ashley Legassic
Acting Sr. Manager, Media Relations
Financial Services Regulatory Authority
C: 647-719-8426
Email: ashley.legassic@fsrao.ca
For public inquiries:
Toll free: 1-800-668-0128
Email: contactcentre@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario