Canada banks under review on ‘upselling’

Bloomberg

The Financial Consumer Agency of Canada will review the business practices of the country’s banks after reports of tellers allegedly pressuring customers to buy products to meet sales goals. The federal agency, which seeks to ensure financial institutions comply with consumer-protection measures, said Wednesday its next review would begin in April and focus on banks’ practices around express consent and disclosure. The law requires that banks obtain prior consent from customers and disclose costs before selling them products or increasing their credit limits, Lucie Tedesco, commissioner of the Ottawa-based group, said.