Financial regulators are investigating claims of aggressive sales tactics by banks.

Financial regulators are investigating allegations of high-pressure sales practices in Canadian bank branches.

The Ontario Securities Commission and the Canadian Investment Regulation Organization are conducting a co-ordinated review that will focus on gathering information over the next few months into early 2025.

The regulators aim to gain a better understanding of the sales culture and environment within Canadian banks to identify and assess the potential scale of any issues before taking further action.

The OSC initiated the investigation following a public report of potential investor harm due to alleged high-pressure sales practices for mutual funds.

Individuals with information or concerns are encouraged to submit them, including through the OSC’s whistleblower program, which provides protections and potential compensation for tips that lead to enforcement action.

While both organizations work to protect investors, the OSC is an independent government agency, and CIRO is a self-regulatory organization.

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