Cana­dian reg­u­la­tor probes key banks on sales prac­tices

Banking Frontiers - - News / Regulator -

Cana­dian bank­ing reg­u­la­tor, the Of­fice of the Su­per­in­ten­dent of Fi­nan­cial In­sti­tu­tions is re­view­ing the sales prac­tices fol­lowed by sev­eral ma­jor banks in the coun­try, look­ing at in­her­ent rep­u­ta­tional risks and the po­ten­tial im­pact on the in­sti­tu­tions’ fi­nan­cial sta­bil­ity. The ex­er­cise comes along an in­quiry by the coun­try’s fi­nan­cial con­sumer watch­dog into prac­tices at Canada’s big­gest banks, prompted by news re­ports al­leg­ing high-pres­sure sales tac­tics by some bank em­ploy­ees. The gov­ern­ment’s depart­ment of fi­nance said OSFI’s re­view will be fo­cus­ing on risk cul­ture, the gov­er­nance of sales prac­tices, and how banks man­age the po­ten­tial rep­u­ta­tional risk in­her­ent in sales ac­tiv­i­ties.

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