BridgeForce Compliance News October 31, 2022
In this issue:
- Enforcement Against Unsuitability of UL as ‘one size fits all’ product
- FSRA raised concerns about UL and alignment of sales incentives
Enforcement Against Unsuitability of UL as ‘one size fits all’ product
FSRA is taking action over MGA training practices that may have misled customers. It appears Calgary-based Greatway Financial had been teaching life agents to sell IRPs (Insured Retirement Plans) to all clients. The suitability of a single product type for all clients is coming under scrutiny.
At BridgeForce, we support the presentation of strategies to clients only when the advisor’s trained and knowledgeable on the strategy, it’s suitable in achieving clients’ goals as determined by completing a needs-based sales process, and where a need for insurance is present. As you know, we have resources and templates for steps of the process on the Compliance section of the website. If you have questions about a particular case’s suitability, please reach out to your local BridgeForce office.
FSRA raised concerns about UL and alignment of sales incentives
At Advocis Symposium, FSRA’s Executive VP of Market Conduct Huston Loke said that UL is a “good product” but questions if the product is “aligned with the needs of the customers” if all or a large part of the clients are sold UL.