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26 May 2017
The Financial Consumer Agency of Canada (FCAC) issued a statement and a new compliance bulletin in response to recent allegations that certain employees of banks were pressured to upsell to consumers in order to meet unrealistic sales targets and keep their jobs.
FCAC Compliance Bulletin B-5 – Consent for new products or services states that its purpose is to reinforce FCAC expectations that federally regulated financial institutions obtain consumers' express consent for new products and services in accordance with regulatory requirements. The bulletin reminds institutions of the following expectations and requirements:
The FCAC expects institutions to:
The FCAC has announced that it will examine institutions' business practices and will investigate any incidences of non-compliance as part of its industry review.
For further information on this topic please contact Sharissa Ellyn at Norton Rose Fulbright Canada by telephone (+1 416 216 4000) or email (email@example.com). The Norton Rose Fulbright Canada website can be accessed at www.nortonrosefulbright.com.
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