Ex-bankers share allegations of shady bank sales practices with federal MPs
OTTAWA — Parliamentarians listened Wednesday to allegations that workers at Canada’s big banks face pressure to hit unreachable sales goals, coax clients into raising their credit-card limits and offer mortgages beyond what customers can reasonably afford.
A committee of federal MPs was hearing testimony from ex-bank workers as it examines accusations of questionable — and even illegal — sales practices by some of the country’s largest financial institutions.
The committee launched the hearings following a number of CBC reports citing unnamed employees at some big banks who allege they were pressed to sell unnecessary products and services in order to increase revenues and meet lofty sales targets.
The report named all five of Canada’s major banks: RBC, BMO, TD, CIBC and Scotiabank.