03:15:53 EDT Thu 18 Apr 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,209,451,582
Close 2017-03-27 C$ 78.36
Market Cap C$ 94,772,625,966
Recent Sedar Documents

Globe says TD, Scotiabank claim no sales pressure here

2017-03-28 07:13 ET - In the News

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

The Globe and Mail reports in its Tuesday edition that Bank of Nova Scotia and TD Bank audited their sales practices last year. The Globe's James Bradshaw writes that major banks in Canada have come under closer scrutiny in recent weeks after media reports -- in particular, TD -- alleged that some front-line staff felt pressure to meet ambitious sales targets. With complaints rising, the Financial Consumer Agency of Canada (FCAC) has promised to review sales practices, focusing on bank employees' obligation to get customer consent and disclose fees and costs when selling new products. Domestic banks are under pressure to keep boosting profits. The main engine for growth at most Canadian banks is the retail arm. Both Scotiabank and TD claim that separate internal reviews have not turned up any widespread issues. Bank of Montreal, CIBC and Royal Bank of Canada each declined to say whether they reviewed sales practices more closely than usual. So far, regulators have not called for a third party audit beyond the FCAC review. Last month, CBC News quoted a small number of unnamed current and former employees who claimed to have bent the rules under pressure to reach sales goals.

© 2024 Canjex Publishing Ltd. All rights reserved.