TD Bank reviewing concerns about sales practices: CEO

Bank received “a few hundred complaints”

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TORONTO — TD Bank says it is reviewing concerns about its sales practices in light of reports that some employees allegedly broke the law in order to meet sales targets and keep their jobs.

CEO Bharat Masrani says the bank received “a few hundred complaints” last year regarding its sales practices that were escalated.

Masrani says less than 100 of those complaints affecting customers had compliance concerns, and all of them were investigated and addressed.

He made his comments during the bank’s annual shareholder meeting, several weeks after the CBC reported that unnamed bank employees alleged they used aggressive, and in some cases illegal, sales practices.

The Financial Consumer Agency of Canada has launched an investigation into business practices among federally regulated financial sector following the reports.

 

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