The Financial Services Consumer Alliance (FSCA) announced the launch of its website:
While dealing entirely with the financial services industry, the focus of FSCA in 2015 will be the life insurance industry. The life insurance industry is an anomaly. In the other sectors of this industry such as mutual funds and general insurance, the regulators have not been afraid to intervene directly to protect the consumers. In the life insurance industry all of the regulators have refuse to meet their obligations of applying the law stating that insurers were able to self regulate themselves and were doing a good job at it. FSCA disagrees. The life industry is overflowing with harmful practices to the consumers which are in many cases illegal. If regulators do not want to regulate the life industry and want to transfer their role to a third party, then this role will not fall under the responsibility of the insurers. Consumers will do it. This is why the FSCA has structured itself to be able to investigate complaints and help victims take the appropriate legal action to get justice.
“The FSCA will be unique in one respect,” declared Richard Proteau. “We will not be afraid to make it personal. Behind each illegal commercial practice there is an employee who knows what he is doing is wrong and harmful to the industry, society and consumers. But they believe that behind corporate walls, they are safe beyond responsibilities and accountabilities. The fall of ethics in our society can truly be linked to the rise of the corporation.”