FSCO | FSCO’s upcoming Life Insurance Questionnaire
Life Insurance Product Suitability Review (point-of-sale)
In the wake of the financial services crisis, governments and regulators around the world are concerned with knowing that consumers are receiving the appropriate levels of information and advice when they are purchasing financial services or products.
The Financial Services Commission of Ontario (FSCO), as recently published in its Statement of Priorities, is conducting a review to understand and assess the process that life insurance agents use at the point of sale in making suitable product recommendations to prospective policyholders. The review will also consider the actions that life insurance agents are taking to support the financial literacy of their clients. This is primarily an information gathering exercise for FSCO.