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Photo: The Canadian Press
Canada's financial consumer watchdog said on Wednesday it was launching a review of business practices among the country's major banks following reports citing unnamed employees who alleged that the lenders were selling services without the consent of their customers.
Lucie Tedesco, commissioner of the Financial Consumer Agency of Canada, said she is concerned by the allegations and issued a statement reminding the lenders of their obligations to obtain prior consent before increasing credit limits and providing clients with new products.
"Financial institutions' compliance with these rules is non-discretionary and the message must be disseminated from the boards of directors on down to customer-facing staff," Tedesco said.
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