CONSUMER WATCHDOG TO REVIEW BUSINESS PRACTICES OF MAJOR CANADIAN BANKS
Mar 15, 2017
By Bob Komsic
Following reports of troubling sales practices at the country’s major chartered banks, Canada’s top consumer watchdog is reviewing their practices beginning next month.
The commissioner of the Financial Consumer Agency of Canada says in a statement her office is concerned with reports that bank employees are pushing for and sometimes signing customers up for products without their expressed consent, in order to meet sales targets.
The FCAC has the authority to levy fines and other penalties if financial institutions under its mandate do not comply with regulations.
In a statement, the Canadian Bankers Association says its members ”look forward to co-operating with the Financial Consumer Agency of Canada.”
The CBA goes on to say ”Canadians are well-served by their banks, which is reflected in the very high level of satisfaction that bank customers have with their own bank – over 90% of Canadians having favourable impressions of their bank.”