Insight and Intelligence on the London & International Insurance Markets

25 February 2018

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Wells Fargo warned over California insurance licences

Ted Bunker 7 December 2017

California regulators have put Wells Fargo on notice that it may lose its insurance licences following an investigation that began last year into whistleblower allegations that bank representatives had improperly signed up customers for coverage they did not want.

The state filed a formal accusation containing the allegations on 30 November, and announced it on Tuesday (6 December).

The charges mirror complaints against the giant San Francisco-based bank involving force-placed auto insurance, credit cards and deposit accounts that led to...

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