June 27, 2016 Insurance

Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding in the judicial district of Montréal against Location Accès Crédit inc. (Accès Crédit) and Michel Coutu. The proceeding includes 49 charges related to illegal practice as a damage insurance broker.

More specifically, Accès Crédit faces 34 charges, namely, 16 charges for making misrepresentations to clients, 15 charges of illegal practice as a damage insurance broker and three charges for failing to provide clients with a distribution guide. As for Michel Coutu, he faces 15 charges for allowing or authorizing illegal activities by Accès Crédit.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

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