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Streetwise newsletter: Scotiabank, TD review practices; Schulich bumps up stake in Birchcliff Add to ...

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At least two of Canada’s largest banks audited their own sales practices last year, taking extra measures after a damaging sales scandal engulfed U.S.-based Wells Fargo & Co.

Major banks in Canada have come under closer scrutiny in recent weeks after media reports alleged that some front-line staff felt pressure to meet ambitious sales targets. With complaints rising, the Financial Consumer Agency of Canada (FCAC) has promised to review sales practices, focusing on bank employees’ obligation to get customer consent and disclose fees and costs when selling new products.

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