The battle for pension funds: The Insurance Agents Chamber threatens a lawsuit against FINQ
Following an advertising campaign claiming that agents' recommendations are influenced by commissions, the Chamber has filed a sharp demand to the Capital Markets Authority and the insurance agency. All the details on the conflict shaking the market.
The battle for the pension funds of the Israeli public is escalating: The Insurance Agents Chamber has turned to the Capital Markets, Insurance and Savings Authority and the insurance agency FINQ with an unequivocal demand to immediately stop or correct a new advertising campaign. In a sharp warning letter sent on behalf of the Chamber, it is claimed that the campaign's messages mislead the public of savers and cast aspersions on thousands of pension insurance agents operating legally.
The subject of the dispute revolves around the advertisement's slogans, including "Your pension without foreign considerations" and "A better pension is an objective pension," alongside a statement in the broadcast that agents' recommendations are directly influenced by commissions. The Chamber clarifies that the use of the term "objective" creates a misleading impression of independent advice, while FINQ is itself a licensed insurance agency operating with commission agreements with institutional bodies. It was further noted that there is a gap between the advertising and the proper disclosure on the company's website, which presents non-uniform compensation.
In a letter sent by the Chamber's legal advisor, Adv. Adi Ben Avraham, FINQ was required to remove the campaign and publish an apology, in parallel with a request to the Capital Markets Authority to exercise enforcement powers. Adv. Ben Avraham clarified that fair competition should be built on product advantages and not on damaging a good name, and the Chamber concluded that if the campaign is not corrected, further legal and regulatory steps will be taken.
