20 March 2018

“We understand that banks are making money. However, the way they sell their financial products and set up their governance methods can lead to such a sales culture, when consumers’ interests are not prioritized,” – FCAC commissioner Lucie Tedesco said.

The review highlighted the following banks: RBC, TD Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada.

The agency hasn’t found the signs of massive misselling, meaning selling products that are not suitable for consumers, or providing incomplete or wrong information on the products.

Nevertheless, it says today’s banking culture is focusing mostly on selling, and it rewards employees for that. As a result, we can see higher risk of clients’ interests being ignored.