FCAC finds no widespread mis-selling; recognizes banks get it right vast majority of the time
TORONTO, March 20, 2018 /CNW/ - Today, the Financial Consumer Agency of Canada released its Domestic Bank Retail Sales Practices Review, which stated that it "did not find widespread mis-selling," and confirmed that "consumers carry out millions of successful transactions every day without incident and banks and their employees generally strive to comply with market conduct obligations."
"Canada's banks are client-focused with a deep commitment to high ethical standards and complying with the law when providing products and services to help customers meet their financial goals," said Neil Parmenter, President and CEO, Canadian Bankers Association. "The six largest banks in Canada cooperated fully with FCAC and we are encouraged that the Review found no widespread mis-selling and that banks get this right the vast majority of the time."
FCAC also provided a set of recommendations where banks can do better, while noting the active approach that banks have already undertaken to continuously improve: "Banks are in the process of enhancing their oversight and management of sales practices risk." These ongoing initiatives by the banks, in addition to recommendations from FCAC, provide a framework for further mitigating sales practices risk as technology and consumer habits change the way banks and clients interact.
Regular feedback from FCAC will benefit stakeholders, and the CBA supports proposed FCAC enhancements. Banks have worked hard to earn the confidence of millions of Canadians and are committed to advancing their customer-centric culture to maintain this trust.
About the Canadian Bankers Association
The Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. www.cba.ca.
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SOURCE Canadian Bankers Association
Aaron Boles, [email protected], 416-362-6093 ext 350
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