Daily Archives: December 8, 2017

Wells Fargo, accused of signing up customers for unneeded insurance, could face sanctions from state

California’s insurance regulator wants to suspend or revoke Wells Fargo & Co.’s license to sell insurance in the state after accusing the bank of setting up more than 1,400 renters insurance and life insurance policies for customers who never asked for them.

The move, announced late Tuesday, comes after the department launched an investigation last year into the San Francisco bank’s insurance brokerage business following the sham accounts scandal in response to allegations from former workers at New Jersey insurer Prudential that Wells Fargo had signed customers up for life insurance policies without their knowledge or consent.

Read on.