August 14, 2012
The Financial Services Commission of Ontario (FSCO) is warning consumers that Tony Geller and an affiliated company, Tony Geller and Associates, are not licensed to do insurance or mortgage brokering business in Ontario. This company advertised the sale of cheap auto insurance and low rate mortgages online through the following website: http://www.gellerisbetter.ca.
The Registered Insurance Brokers of Ontario (RIBO) has also published a warning about this matter.
If consumers purchase insurance from agents or insurers that are not licensed in the province, they are not protected under the Insurance Act and the regulations that govern Ontario’s licensed insurance companies and agents.
An Ontario insurance agent or broker can provide information and advice on the risks involved with purchasing different insurance products. The Registered Insurance Brokers of Ontario (RIBO)'s website contains a list of all brokers licensed to do business in Ontario
Similarly, if consumers arrange a mortgage from a mortgage brokerage, broker or agent that is not licensed in the province, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 , which holds Ontario’s mortgage brokerages, administrators, brokers and agents to specific standards.
A licensed Ontario mortgage brokerage, administrator, broker or agent can provide information and advice on the risks involved in borrowing, lending or investing for different mortgage products.