Monday, April 23, 2018

HIGH ETHICAL STANDARDS OF BANKS

    A CIBC financial adviser says she and her colleagues are "stunned" that a recent report by Canada's banking regulator did not find widespread instances of customers who were upsold due to pressure on employees to meet sales targets.
   "I can't even explain to you how disheartened we all were," says the financial adviser. CBC has confirmed her employment, but is not identifying the woman because she fears she would lose her job.
   "We've been waiting for a year for this report," she says. "It's very hard, because it doesn't feel accurate."
   The Financial Consumer Agency of Canada (FCAC) recently released the findings of a review of sales practices at the country's six big banks. It was prompted by a series of Go Public investigations last year, revealing intense pressure on bank employees to sell customers products and services they may not need in order to meet sales targets.


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