Exercise caution before using General Invest Bank in Timmins
The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers to refrain from using General Invest Bank in Timmins to obtain insurance or a mortgage. The company is not licensed by FSRA to conduct insurance or mortgage business in Ontario and does not appear to be a bank regulated by the Office of the Superintendent of Financial Institutions (OSFI)*.
General Invest Bank is located at 27 Rue Pine Sud, Timmins, Ontario P4N 2J9, and advertising through its website https://www.general-investbank.com/.
It has been reported that General Invest Bank is advertising the sale of insurance products without a valid licence. They are also soliciting mortgages by collecting consumers' employment, housing, and income information on its website.
FSRA encourages consumers to exercise caution if they are contacted by the company or anyone using the above website and claiming to represent the company.
In Ontario, only a FSRA-licensed insurance agent, corporate insurance agency, or an insurance company can sell insurance products. Similarly, only a FSRA-licensed principal broker, mortgage agent, or broker may perform assessments of consumers for mortgages**. They must also work for a licensed mortgage brokerage. General Invest Bank is not licensed with FSRA and does not appear to be regulated by OSFI.
FSRA regulates insurance and mortgage brokering to safeguard public confidence and trust in Ontario's financial services. If consumers obtain services or products through individuals or companies not licensed by FSRA, they are not protected under the applicable Acts and Regulations.
Consumers are also encouraged to check the public registry to ensure they work with a licensed insurance agent and a licensed mortgage broker, agent, brokerage, or administrator.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
For public inquiries, please email [email protected].
*All banks in Canada are regulated by OSFI. Prior to dealing with a bank, you should ensure they are registered. Please visit the OSFI website at https://www.osfi-bsif.gc.ca/Eng/wt-ow/Pages/wwr-er.aspx for more information on who they regulate.
**Certain regulated financial institutions and their mortgage professionals, such as banks, may be exempt from obtaining a mortgage broker or agent licence.
For media inquiries:
Senior Media Relations and Digital Officer
Financial Services Regulatory Authority
Email: [email protected]