Canada’s biggest banks on the defensive over sales practice allegations

Banks on defensive over sales practice allegations

TORONTO — Allegations of aggressive, and in some cases illegal, sales practices at several of Canada’s biggest banks have put top executives on the defensive during the industry’s annual meeting season, with Scotiabank’s CEO telling shareholders the reports are “largely unsubstantiated”.

Brian Porter said that out of 400 million interactions between the bank’s clients and employees, Scotiabank (TSX:BNS) received only eight complaints about sales practices last year.

Porter was asked by a shareholder to respond to the reports by broadcaster CBC, which cited unnamed employees at Canada’s major banks who alleged they broke the law in order to meet sales targets and keep their jobs.

Porter’s comments came on the heels of similar remarks made by TD Bank’s CEO (TSX:TD) last week, who said that less than 100 of the complaints the bank received last year had compliance concerns.

Bharat Masrani said during the company’s annual meeting on March 30 that TD has brought in a professional services firm to help the bank review its businesses in light of the reports.

When asked by reporters if Scotiabank has any plans to launch a review or bring in external help, James O’Sullivan, head of Canadian banking, said the bank is constantly reviewing its businesses.

 

Follow @alexposadzki on Twitter.

The Canadian Press

Just Posted

Langley School District Foundation volunteers tackle wrapping projects of all sizes, shapes

This year’s wrap money goes to food and homeless initiatives.

Cold nights mean homeless turned away from Langley shelter

The Gateway of Hope shelter has had send some people to other shelters as they ran out of room.

Crown appeals stay against Jamie Bacon in Surrey Six killings

B.C.’s prosecution service says judge’s decision reveals ‘errors of law’

Many turn out for Langley neighbourhood celebration

The second annual Brookswood Night of Lights on Dec. 8 kicked off the holiday season.

Langley RCMP seek man wanted for drug charges

David Main was last seen living in Langley City.

VIDEO: Hundreds line up at Langley farm for pancakes and a chance to help

The 14th annual Krause Berry Farm breakfast with Santa raised almost $4,700.

Liberal Hogg wins South Surrey-White Rock byelection over Conservative Findlay

B.C. riding to be represented by non-conservative for first time in decades

Six-year-old boy needs $19,000 a month to treat rare form of arthritis

Mother of sick Sooke boy asks government to help fund treatments

Environmental groups slam NDP decision to continue with Site C

Construction industry, meanwhile, is cautiously optimistic about how the project will look

Be ladder safe both at work and home

WorkSafeBC wants you to keep safe while hanging those Christmas lights this year

B.C. overdose deaths surpass 1,200

96 people died of illicit drug overdoses in October

Feds agree to give provinces 75 per cent of pot tax revenues

Finance Minister Bill Morneau announced the agreement today

Red Scorpion associates cuffed in drug-trafficking bust

Kamloops RCMP lay charges in connection to Red Scorpion drug trafficking ring

BC Ferries adds extra sailings for Christmas

More than 175 sailings are being added, including 130 between the Lower Mainland and Vancouver Island

Most Read