23:54:09 EDT Fri 19 Apr 2024
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or Name
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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,209,451,582
Close 2017-03-15 C$ 78.22
Market Cap C$ 94,603,302,744
Recent Sedar Documents

Globe says TD expose prompts scrutiny of banks' tactics

2017-03-16 07:56 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Thursday edition that Financial Consumer Agency of Canada (FCAC) will review sales tactics at all banks after allegations that TD Bank staff chasing lofty sales goals have felt pressured to behave unethically. The Globe's James Bradshaw writes that the agency will start a business practices probe in April where it will concentrate on bank employees' obligation to get consent and give proper disclosure about fees and costs when selling new products. Regulators have been more alert to issues of consent since U.S. bank Wells Fargo was fined $185-million (U.S.) over a scandal that revealed the lender had opened about two million unauthorized accounts. So far, nothing points to such large-scale misconduct at Canadian banks, but sales tactics are nevertheless under closer scrutiny. Over the past two years, the FCAC has received 142 complaints and inquiries over issues of consent, and 51 about problems with fee disclosure. Of those, all but 13 were lodged against banks. In early February, the FCAC sent a letter to financial institutions, released publicly on Wednesday, to "reinforce" its expectations that any interaction seeking consent "is clear, simple and not misleading."

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