'I had to mislead customers into getting products that they didn't need, to reach my sales target'
Many bank employees are breaking the law, and it’s their job that’s forcing them to do so, according to a report from CBC.
This is apparently a common occurrence at TD, RBC, BMO, Scotiabank and CIBC.
"I had to mislead customers into getting products that they didn't need, to reach my sales target," a recent BMO employee said in the report.
Another employee of TD Bank said she's usually not acting in the best interest of her clients — she's trying to sell them products that will help her meet sales targets and keep her from being fired.
"It's weighing on me," she told the CBC. "And it doesn't feel good."
The CBC program Marketplace spoke with several bank employees who expressed concerns about “enormous sales pressure” that leads to potentially costly or otherwise dangerous financial products being pushed on customers.
In a statement from the Canadian Bankers Association, a spokesperson told the CBC that “the examples described do not reflect the experience millions of Canadians have every day with employees at Canada's banks."
Increasing employee financial wellness needs to be employers’ top priority in 2024, according to a previous report.
Hidden cameras catch bank employees’ behaviour
To investigate the allegations, CBC had insiders visit the banks and record their experience via hidden cameras.
They were pitched everything from pricey credit cards to lines of credit, given poor advice about debt and misinformation about mutual funds, said the report.
The hidden cameras also caught bank employees breaking the law, according to consumer advocate Duff Conacher, such as not advising a customer to fully pay off high-interest debt.
"They're not only getting bad advice, they're getting illegal advice,” said the co-founder of Democracy Watch, referring to the Bank Act, which governs the behaviour of Canadian financial institutions.
He also said the Financial Consumer Agency of Canada (FCAC) has failed in its job to deal with violators.
Previously, a North Vancouver, British Columbia investment firm and two of its employees were fined for failing to ensure investments were suitable for their clients, according to the British Columbia Securities Commission (BCSC).
Employee recording of manager meetings
One TD employee told the CBC that she became so distraught about the sales culture, she started making secret recordings of "coaching sessions" with her managers, which she shared with Marketplace.
But a TD Bank spokesperson said in a statement that the recorded conversations are "completely unacceptable," said the CBC, and go against the bank's code of conduct, performance policies and training.
Many workers are currently living paycheque-to-paycheque, according to a previous report.
