FCAC finds big banks make ‘inappropriate’ product recommendations

The Financial Consumer Agency of Canada (FCAC) released Thursday the results of a mystery shop that was carried out in late 2019.  That exercise – which followed a 2018 review – aimed to examine consumers’ experience with front-line employees at the big six banks.

Nearly one third (32%) of the chequing account shoppers and 45% of credit card shoppers reported that bank employees recommended an inappropriate product.

“The mystery shopping exercise revealed sales experiences that raise concerns for FCAC,” she added. “We expect banks to focus on the areas for improvement that have been identified as they implement Canada’s new Financial Consumer Protection Framework and ensure they consider the needs and abilities of consumers, including those in vulnerable circumstances.”