Bank executives defend oversight of sales practices in testimony to MPs + MORE Jun 13th

A coalition of interest groups is calling on Canada’s six biggest banks and others to back away from providing funding for Kinder Morgan Canada’s controversial Trans Mountain pipeline expansion.

Executives from Canada’s big banks defended the way they do business Monday, saying they take steps to make sure that employees don’t engage in questionable sales practices.

This Father’s Day, celebrate being a new parent with these tips on how to save on baby essentials.
As a new parent, it’s very easy to go overboard on spending. After all, who wouldn’t want to shower an adorable new human with an influx of cute items? The truth is, you can spend as much or as little as you want and still have all the necessities for your little one. These days, there are so many creative ways to be thrifty while continuing to get high quality products.
Here are a few ways to become a shopping-savvy, frugal parent:
Use loyalty points
Loyalty points are a great way to stretch your dollars that extra mile further. New parents will see their expenses increase in certain areas (can we say diapers?), so lining up a good credit card or two will mean savings down the road. Here are a few of our favourite picks for new parents based on loyalty points for groceries, pharmacy purchases, and maybe a movie or two with your tot:
President’s Choice Financial® World Elite MasterCard®: Diapers and baby food will surely eat at your grocery bill, so you might as well reap the benefits from a grocery rewards card…

Wall Street falls as Apple drags tech shares lower

Federal MPs are hearing from Canada’s big banks as a parliamentary committee explores allegations of questionable sales practices at major financial institutions.
The committee launched the hearings following media reports citing unnamed employees at some banks who allege they were pressured to sell unnecessary products and services in order to boost profits and hit lofty sales objectives.
Representatives of the country’s largest banks, including CIBC, Scotiabank, TD, BMO, National Bank and RBC, are testifying before the committee.
Officials from the big banks are denying the accusations and defending their practices by insisting they put the needs of their customers first, enforce codes of conduct, regularly seek staff and client feedback and address any inappropriate behaviour.
They all say the allegations in the reports, which were first broadcast by the CBC, are unacceptable and that all issues with client interactions are taken very seriously.
Last week, the committee heard allegations through first- and second-hand accounts made by former bank employees that workers feel pressure to hit unreasonable sales goals, entice clients into raising their credit-card limits and offer mortgages beyond what clients can reasonably afford…