Popular Posts

Thursday, 3 January 2019

California known bank, drop insurance license for a period of time .

California known bank, Wells Fargo, to pay $5 million fine and drop insurance license for a period of time .


The San Francisco based bank agreed to give up its insurance licenses for two years.


The bank Wells Fargo,has agreed to pay California $5 million to settle allegations that it opened insurance policies for its customers and charged them without their consent.
The company agreed to give up its insurance licenses for two years and to pay another $5 million if it ever wants to sell insurance in California again.
Insurance Commissioner Dave Jones accepted the settlement on Wednesday. He says company representatives issued about 1,500 insurance policies without the consent of customers. The settlement is part of a massive unreal account accounts scandal that has tarnished the reputation of one of the nation’s largest banks.
Wells Fargo spokeswoman Catherine Pulley says the company has worked to make things right for customers and earn back their trust. It previously stopped issuing new insurance policies.
For more information click HERE

No comments:

Post a Comment