Canada's top consumer watchdog says it is reviewing business practices at Canada's federally-regulated charter banks starting next month, following a CBC investigation that has uncovered reports of troubling sales practices at Canada's major financial institutions. As such, the FCAC will be launching a review of business practices in the federally-regulated financial sector starting next month. The Financial Consumer Agency of Canada is a government regulator tasked with raising consumers' awareness of their rights and responsibilities when dealing with financial firms. They also ensures that banks and other federally regulated institutions comply with consumer protection measures already on the books. In a statement Wednesday, the Canadian Bankers Association, which represents Canada's biggest lenders, says its members "look forward to co-operating with the Financial Consumer Agency of Canada (FCAC) in the review announced today."

Source: CBC News March 15, 2017 15:15 UTC