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Banks vs. Insurers

Denis Ricard deplores the fact that the regulation imposed on banks is much more lax than that imposed on insurers. But who supervises the banks, dare he even ask?

There is the Ombudsman for Banking Services and Investments, but this organization has much shorter teeth than the panoply of regulators that oversee the insurance industry.

“The fair treatment of consumers is very important for our regulators. We are very much in agreement with that. But when we consider the weakness of the regulation of banks compared to insurers … Phew! There is nothing for banks,” says Executive Vice President, Insurance and Individual Annuities.

Source: https://journal-assurance.ca/article/reglementation-banques-et-assureurs-ne-sont-pas-traites-de-la-meme-facon/