By Vincent Gaudreau, CIB, FCIP, CRM, Insurance Broker & RCCAQ Chair

Dear Colleagues:

As you already know, for nearly three years now, the RCCAQ has focused its efforts on denouncing certain auto dealers' illegal business practices. Today, Quebec's Autorité des marchés financiers (AMF) publically confirmed the validity of our efforts by announcing a series of penalties for auto dealers found to have engaged in illegal acts.

In response to documentation submitted by the RCCAQ (consisting of your denunciations) and thanks to our multiple initiatives, the AMF issued a press release earlier this morning announcing that nine auto dealers and a brokerage firm face penalties for illegal practices in connection with replacement insurance (read the AMF's press release and memorandum). Back in May 2014, we welcomed the AMF's announcement that it planned to take concrete steps (and rightfully so) to ensure the enforcement of the rules governing sales of replacement insurance.

One such concrete step was taken today. I would like to take this opportunity to acknowledge the AMF's rigorous investigative work in this regard, as well as its diligence in taking the steps required to ensure enforcement of the law and to protect consumers.
Today's announcement marks an initial victory. It also confirms that our tireless lobbying efforts yield concrete results and your involvement as RCCAQ members is invaluable.

Needless to say, this matter is not closed: these penalties are only the first step in achieving our ultimate goal of ensuring better oversight of sales of replacement insurance sales and ending these reprehensible practices that are so harmful to our profession.

I would encourage you to keep on helping us to document this situation by sending us any first-hand information you may have on illegal practices (please email to denonce@rccaq.com).

We are committed to defending your interests. This same commitment underpins everything we do. Let us continue to move forward together.