The Globe and Mail reports in its Thursday edition that a group representing retirees has filed a complaint with Canada's federal competition watchdog alleging that sales practices used by branch employees at the Big Five banks are anti-competitive and harmful to customers. The Globe's Clare O'Hara writes that in a letter sent this week to the Competition Bureau, the Canadian Association of Retired Persons (CARP) voiced concerns that bank branch advisers do not provide advice based on the entire marketplace of available investment products. Instead, CARP said investment advice is curated from a limited shelf of banks' own proprietary products, even if there may be a more suitable option for a client from a third party provider. "This structure essentially kills any competition once investors enter their local branches," CARP's Anthony Quinn wrote in the submission. The lack of investment product competition is "alarming," he added. The Canadian Bankers Association said in a statement it would welcome the opportunity for further dialogue with CARP's leadership. For CARP, the concern lies in the sales-driven culture at the banks -- a practice that was flagged last summer in a regulatory review of Canada's Big Five banks.