The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Canada’s financial consumer watchdog says there are “insufficient” controls in place at the country’s biggest banks to prevent sales of financial products that are misrepresented or unsuitable for consumers, and the banks’ sales-focused culture elevates the risk that employees may flout consumer protection rules.
Streetwise newsletter: Banks lack controls to prevent customers being misled, watchdog finds; Aecon takeover by Chinese firm could fail over security concerns, analyst says
– theglobeandmail.com
Also: U.S. Federal Reserve keeps stress-test clamp on banks amid Dodd-Frank rewrite
Controls on sales practices at Canadian banks ‘insufficient’: watchdog
– theglobeandmail.com
Long-awaited report says ‘sharp focus on sales’ increases risk of misselling but finds no evidence of widespread misconduct
