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 Tuesday after completing a review of business practices at Canada's Big Six banks. The review examined the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada. The agency also said the controls these banks have in place to mitigate the risks of misselling are "insufficient" and "underdeveloped," particularly compared to the banks' robust corporate governance policies. The FCAC said in its report Tuesday that the banks are in the process of enhancing their oversight and management of sales practices' risk.

Source: CBC News March 20, 2018 15:02 UTC