Canada's financial consumer watchdog says there are "insufficient" controls in place at the country's biggest banks to prevent sales of financial products that are misrepresented or unsuitable for consumers, and the banks' sales-focused culture elevates the risk that employees may flout consumer protection rules.
TD Bank, the focus of the initial CBC, has conducted its own internal review and concluded it did not have a widespread problem with aggressive sales tactics.
(Laughs.) Of course, it didn't.
Anecdote: I know a girl who went to TD to get a credit card few years ago. There was just one problem. The income requirement for it was $60,000. She worked minimum wage. Her income was barely close to $20,000 a year. That didn't stop the TD rep from filling out the application and, surprise!, she got a new credit card.