The Royal Bank of Canada has made an agreement with the Ontario Securities Commission to repay more than $21 million to clients who were wrongly charged investment fees.
A story published March 29 says there are 121,000 people registered as “financial professionals” in Canada, with the vast majority listed as dealing representatives — salespeople licensed to sell financial investments.
A CBC Go Public investigation has revealed employees from all five of Canada’s largest banks — RBC, BMO, CIBC, TD and Scotiabank — are coerced to “upsell, trick and even lie” to customers in an effort to meet unrealistic sales targets. Many bank employees have even expressed concern they are at risk of losing their job if they don’t meet these targets, which are closely monitored.
‘I will do anything I can to make my goal’: TD teller says customers pay price for ‘unrealistic’ sales targets.
Bank employees say their jobs depend on upselling customers for products that can put them into debt– Erica Johnson · Investigative reporter · CBC News March 6, 2017
In my latest book, Money Rules, there’s a rule that says, “your banker is not your friend.” I’m not sure where we got the idea that our bankers are there to make sure we make the best decisions, but it simply isn’t true.