Calls for parliamentary inquiry following

'We are all doing it': Employees at Canada's 5 big banks speak out about pressure to dupe customers

#BMO #Money #investing #finance #MoveMyMoney #Banks #consumers

Listen at the 18:30 minutes to the 20:50 2 minutes and 20 seconds ( transcript now available )

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FINANCIAL INSTITUTION
http://www.parl.gc.ca/HousePublications/Publication.aspx?Pub=hansard&Language=E&Mode=1&Parl=42&Ses=1

Ms. Rachel Blaney (North Island—Powell River, NDP)

Mr. Speaker, hard-working Canadians are struggling to eke out a living, worried about growing household debt, but now we know our own banks are working against us by pressuring Canadians into even more debt and services they do not need.

How did the Financial Consumer Agency of Canada fail to notice this behaviour by the big banks? Why have we heard nothing from the Office of the Superintendent of Financial Institutions? Will the minister direct a joint investigation into the marketing and sales practices of Canada's banks, yes or no?

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Hon. Ginette Petitpas Taylor (Parliamentary Secretary to the Minister of Finance, Lib.):

0Mr. Speaker, Canadians deserve strong financial consumer protections that meet their needs. Our government expects that all financial institutions adhere to the highest standards when it comes to their consumer protection obligations.

The Financial Consumer Agency of Canada is launching an industry review of the matter of all sales of banks' practices. I have full confidence that the review will be thorough and that the agency will use all tools at its disposal to investigate and to address any non-compliance with the law.

[Translation]

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Mr. Alexandre Boulerice (Rosemont—La Petite-Patrie, NDP):

Mr. Speaker, the evidence and the stories keep piling up; something is indeed rotten in the state of Canada's banks.

High-pressure sales, toxic financial products, lack of consent, no disclosure, and even lies: that is how our banks are treating us, as household debt rises to a peak. Shareholders rule and to hell with the customers!

Is the Liberal government going to respond? Is the Liberal government going to support the NDP motion asking for a parliamentary inquiry on the questionable practices of Canadian banks?

(1440)

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Hon. Ginette Petitpas Taylor (Parliamentary Secretary to the Minister of Finance, Lib.):

Mr. Speaker, my thanks to my colleague for his question.

Canadians deserve the strongest consumer protection legislation and fiscal plans. Our government expects all financial institutions to conform to the highest standards. The Financial Consumer Agency of Canada is launching an investigation into the banks' sales practices. I have complete confidence that the agency will use its tools to deal with the situation.