California wants to suspend or take away Wells Fargo's insurance license over sales

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California wants to suspend or take away Wells Fargo’s insurance license over sales

California wants to suspend or take away Wells Fargo’s insurance license over sales

CNBC-

California’s insurance regulator wants to suspend or take away Wells Fargo‘s insurance license for sales practices related to the bank’s online referral program that it says were improper.

About 1,500 unauthorized policies were opened on behalf of customers, many without their knowing, through the program, according to California, which filed the accusation against Wells Fargo last week.

The sales concerned renter’s insurance policies and term life policies offered by four different insurers through a referral program Wells offered in its branches.

[CNBC]

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