He was found to have engaged in unfair or deceptive practices
The Financial Services Regulatory Authority of Ontario (FSRA) has revoked the life insurance and accident & sickness insurance agent licence of Amin Mohammad Ali for engaging in unfair or deceptive practices.
Ali was found to have made false and misleading statements regarding insurance policies, failing to provide clients with complete policy comparisons as required by law.
This contravened subsections 17(c) and 17(d) of Ontario Regulation 347/04 and section 439 of the Insurance Act, the regulator noted in its release.
Additionally, Ali was found to have submitted a licence application containing false and misleading statements, violating section 8 of Ontario Regulation 347/04 and section 392.5 of the Insurance Act.
FSRA’s order to revoke Ali's licence comes after a ruling by the Financial Services Tribunal.
Details of Ali’s violations
Ali submitted a licence application in February 2020, but failed to disclose that he was the subject of an investigation by the Mutual Fund Dealers Association (MFDA). Similarly, he did not disclose that his relationship with London Life had been terminated in 2018.
According to FSRA, London Life filed a life agent reporting form (LARF) regarding Ali and his wife Saadia in April 2018, alleging professional misconduct in the selling of life insurance policies and segregated funds.
The allegations involved the pair transferring clients from London Life to Canada Life. The clients were misled into thinking they would receive an advantage by changing policies.
Canada Life submitted a companion LARF involving both Amin Mohammad Ali and Saadia Ali two years later.
Both documents outlined serious misconduct that the pair engaged in with respect to their life insurance clients, including the misrepresentation of policies or terms of policies, the misappropriation of client funds, and the sale of or transfer to inappropriate products.
Records provided by London Life and Canada Life also showed that insurance policy transactions were completed by the Alis for 27 former clients solely for the purpose obtaining a deferred service charge or other fees.
