Posts Tagged “fraud”
Nominees and winner can be seen at Financial Quackery Award The Financial Services Consumer has announced the nominees and winner of the 2016 Financial Quackery Award. Financial quackery is the misrepresentation of facts in the promotion of financial products or services by someone in a position of power, influence or trust over the consumer. The…
Because of Yan Paquette, Manulife has still not been held responsible for thousands of infractions … (Richard Proteau 2015) It is undeniable that the public has lost confidence in the professionalism, integrity and objectivity of our justice system. This explains why some lawyers believe that the law and ethics are unnecessary and only…
Date: August 5, 2015 To: Canadian Institute of Actuaries Lynn Blackburn Director, Professional Practice and Volunteer Services CHLIA Frank Zinatelli, Vice President and General Counsel of the Canadian Life and Health Insurance Association From Richard Proteau Consumer Advocate Author: Unraveling the Universal Life Scam Reference: Formal Complaint in regards of…
I have been locked in a legal battle with the government of Quebec and Manulife in regards to orphan cases for more than 5 years. In those 5 years, one of the major legal battles that I have won was to force the government of Quebec through its regulator to interpret the law in…
http://www.amazon.ca/gp/product/B00PR35MEO?*Version*=1&*entries*=0 Saskatchewan is about to legalize the payment of commission resulting from life insurance to criminals through Bill 177… If an advisor has his license revoked because he has stolen money from clients, under Bill 177, he will be able to continue receiving commission. Minister Wyant says he is doing this to bring the Saskatchewan…
http://www.amazon.ca/gp/product/B00PR35MEO?*Version*=1&*entries*=0 Only 5% of the taxes and fees collected by the states (US) or the provinces (Canada) is used to regulate the insurance industry. 95% of what is left goes into general revenue and can be considered as profits to the states or provinces. It is therefore simple to conclude that the states or…
The mind does not question naturally; most of the times it is on autopilot; assuming and then inferring When Manulife introduced the new segregated fund named the Income Plus, it did a major change to the contract provision in relation to the way the income guarantee were affected by withdrawals. This change was a…
Is licensing protecting consumers? Or should the consumer be better protected in a “buyers beware” approach to buying life insurance. The Thibault case is raising some serious questions and concerns with the consumers. You will probably tell me that it is unfair to condemn an industry for the actions of one individual. “You don’t save…
The Quebec Effect illustrates the pitfall of a regulatory environment that is applied selectively to different individuals and organizations; a situation which is becoming a standard in the application of justice in Canada and particularly in Quebec. “Selective justice is a strong reality particularly in Quebec. Just today I listened to the news and…
The Financial Services Consumer Alliance’s purpose is to promote and defend the rights of consumers in the financial industry. This organization will be launched and be fully operational by September 2014. It’s CEO, Richard Proteau, in an interview soon to be published stated: “this organization will be unlike any others. First, it will be a…
