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TORONTO, Oct. 19, 2023 /PRNewswire/ — The Ontario Financial Services Regulatory Authority (FSRA) has issued an enforcement order and administrative penalty order of $75,000 for McLaren Collision (McLaren) and $15,000 for Fady Warda (Warda).
The enforcement order prohibits McLaren and Warda from engaging in insurance business. They are not allowed to perform work that can be expected to be paid for through an insurer or constituted as capable of performing such work. These restrictions apply to McLaren permanently and to Warda for 3 months.
McLaren billed an insurer for vehicle maintenance that had been performed and parts that had been replaced. Warda broke down a vehicle brought to McLaren for maintenance, which allowed McLaren to increase the amount charged to the insurer for maintenance and made it easier to overcharge. . These are unfair and deceptive acts or practices contrary to section 439 of the Insurance Act and paragraph 1 of subsection 3(2) of Reg. 7/00.
“FSRA is committed to protecting consumers and ensuring public confidence in the insurance industry,” said Elissa Sinha, FSRA’s Director of Litigation and Compliance. “Car frame department stores can only bill insurers for paintings that are already done. FSRA will not tolerate this conduct. “
The FSRA issued the orders following an agreement with McLaren and Warda.
Rony Warda and Michael Wetzel were also included in the same notice of proposal as McLaren and Warda. Proceedings are ongoing before the Financial Services Tribunal in relation to Rony Warda. On November 24, 2020, the FSRA issued an order related to Michael Wetzel, as he did not request a hearing.
Learn more:
FSRA works for consumers through its oversight and enforcement activities.
FSRA continues to work on behalf of stakeholders, bringing consumers, monetary security, fairness, and choice for all. Learn more about www. fsrao. ca
FOR MEDIA INQUIRIES: Russ CourtneySr. Media Relations & Digital OfficerFinancial Services Regulatory AuthorityC: 437-225-8551Email: russ. courtney@fsrao. ca
SOURCE: Ontario Financial Services Regulatory Authority
Watch the content to download media: http://www. newswire. ca/en/releases/archive/October2023/19/c6191. html