RE:The Wheels Been Set In Motionlikegrowthstock wrote: James Bradshaw writes that the Financial Consumer Agency of Canada (FCAC) agency will start a business practices probe in April where it will concentrate on bank employees' obligation to get consent and give proper disclosure about fees and costs when selling new products. Regulators have been more alert to issues of consent since U.S. bank Wells Fargo was fined $185-million (U.S.) over a scandal that revealed the lender had opened about two million unauthorized accounts. So far, nothing points to such large-scale misconduct at Canadian banks, but sales tactics are nevertheless under closer scrutiny. Over the past two years, the FCAC has received 142 complaints and inquiries over issues of consent.
TD C$44 remains firm
Pretty amazing how they're giving advance notice so that all the bank's can have meetings and training sessions on what emloyees are "supposed" to do.I expect that the probe will reveal that all the banks are complying with the rules and regulations. In my opinion,a far better and realistic approach would kave been to use "mystery shoppers" to see ,first hand,how each of the bank's employees are "selling"