Federal MP’s are inquiring from Canada’s major banks as a parliamentary panel is set to investigate assertions of malicious sales practices at big financial institutions.
The panel kick started the hearings amid media reports highlighting anonymous employees at some banks who claim they were coerce to sell dispensable commodities and services so as to raise profits and meet up elevated sales objectives.
Major players of Canada’s largest bank such as CIBC, Scotiabank, TD, BMO, National Bank and RBC, will be presenting their testimony before the panel.
Personnel from the major banks are refuting the allegations and standing by their practices by emphasizing they consider their customer’s needs as main priority, provide codes of conduct, occasionally go after staff and client feedback, and approach any unacceptable behavior.
They all claim the assertions in the reports, which were first released by the CBC, are inappropriate and that all problems with client conversations are considered as priorities.
Last week, the panel heard accusations from first- and second-hand accounts made by former bank workers that employees are forced to reach impossible sales goals, encourage clients into increasing their credit-card limits and give unreasonable mortgages which clients will not be able to afford.