Financial regulators reviewing alleged high-pressure bank sales tactics
Toronto-Dominion Bank and Bank of Montreal (BMO) signages is seen in the Financial District of Toronto, Monday, Aug. 14, 2023. THE CANADIAN PRESS/Spencer Colby
TORONTO - Financial regulators say they're looking into allegations of high-pressure sales practices in Canadian bank branches.
The Ontario Securities Commission and the Canadian Investment Regulation Organization say the co-ordinated review will first focus on information gathering over the coming months into early 2025.
The regulators say they aim to better understand the sales culture and environment within Canadian banks to identify and assess the scale of any potential issues before taking further steps.
The OSC says the investigation follows a public report of potential investor harm because of alleged high-pressure sales practices for mutual funds.
They invite individuals who have information or concerns to submit them, including through the OSC's whistleblower program that provides protections, and potential compensation for tips that lead to enforcement action.
While both organizations work to protect investors, the OSC is an independent government agency and CIRO is a self-regulatory organization.
This report by The Canadian Press was first published Nov. 26, 2024.
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