Canada’s banks face intensifying scrutiny of sales practices
TORONTO, March 15 (Reuters) Canada banks faced intensifying scrutiny on Wednesday after the country canada goose factory sale financial watchdog launched an investigation and lawmakers called for a parliamentary inquiry following media reports suggesting improper sales practices at certain banks.
Financial Consumer Agency of Canada (FCAC) Commissioner Lucie Tedesco expressed concern over the reports by CBC News that employees at some of the country largest banks had opened accounts for products and buy canada goose jacket services for consumers without properly obtaining their expressed consent, an issue the regulator said it will focus on in a review to begin in mid April.
Canadian banks have until now avoided the consumer mis selling scandals that had affected banks in the United States and Europe in recent years. However, some canada goose coats analysts said banks in Canada have therefore been cheap Canada Goose subject to lighter regulatory scrutiny, enabling them to Canada Goose Parka engage in sales practices no longer deemed acceptable elsewhere.
The banks named by in the reports by canada goose uk outlet CBC News have all subsequently defended their sales practices.
lack of scandals has led to Canada Goose sale Canada avoiding the regulatory scrutiny of sales practices seen in other markets, in particular the UK. We think this could now change, putting some pressure on profitability, said Citi analyst Stefan Nedialkov.
British banks have so far paid out more than 24 billion pounds ($29 billion) compensating customers who were mis sold loan insurance and Spanish banks face a bill of nearly 4 billion euros ($4.25 billion) after a 2013 court canada goose clearance sale ruling that they sold mortgages to around canada goose coats on sale 1.5 million customers without Canada Goose Jackets explaining interest rates canada goose uk black friday could not fall below a certain level.
Two lawmakers who sit on Canada House of Commons Standing Committee on Finance said on Wednesday that banks business practices and the effectiveness of financial regulation in Canada should cheap canada goose uk be examined by Canada Goose Online the committee.
it adequate enough? Do they have enough power?, asked Liberal MP Robert Falcon Ouellette. of our role is not only to hold the government to account canada goose clearance but canadian goose jacket the entire financial system.
Conservative MP Dan Albas called on the FCAC and Canada finance ministry to explain how they are responding to the concerns canada goose black friday sale and uk canada goose outlet to address questions around the effectives of regulators.
like to see the Minister of Finance (Bill Morneau) tell us whether he believes the current framework works, he said.
Canada finance ministry reiterated canada goose uk shop on Wednesday it was confident the https://www.canadagoosejacketsalesca.co.uk FCAC would examine the issue carefully.
CBC News had reported last week that canada goose customers of Toronto Dominion Bank were moved to higher fee accounts or had their overdraft and credit card limits increased without their knowledge after staffers came under pressure to meet sales targets.
On Wednesday, CBC News reported that employees at the nation other biggest banks Royal Bank of Canada, Bank of Montreal, Canadian canada goose store Imperial Bank of Commerce and Scotiabank said they had engaged in similar practices.
The banks have all defended their practices.
Royal Bank of Canada Goose online Canada said in a statement that its Canada Goose Outlet employees the responsibility of putting our clients needs at the buy canada goose jacket cheap center of all we do.
Bank of Montreal said in a statement it is committed to customers and employees first and Canadian Imperial Bank of Commerce said its staff are to Canada Goose Coats On Sale do what is right for our clients.
Bank of Nova Scotia said in a statement that all employees are on the needs of our customers.
TD has defended its practices.
Shares in Scotiabank and Bank of Montreal were down 1 uk canada goose percent on Wednesday. Shares in CIBC fell 0.7 percent. Shares in TD canada goose jacket sales ca and RBC were down 0.3 percent.