TORONTO—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.
The Financial Consumer Agency of Canada (FCAC) released the findings March 20 after completing a review of business practices across Canada’s Big Six banks following media reports last year alleging questionable sales tactics, such as selling services without the consent of customers.
