Money Big banks to face questions about banking practices

13:45  19 may  2017
13:45  19 may  2017 Source:   cbc.ca

Common Things Canadians Wish They Had Learned About Money

  Common Things Canadians Wish They Had Learned About Money Most Canadians don’t feel confident about their financial planning abilities, and the numbers prove it.   Most Canadians don’t feel confident about their financial planning abilities, and the numbers prove it.

Canada's big banks will be in the hot seat next month, facing questions about questionable banking practices revealed by CBC's Go Public. 'Well-served by their banks '. Robin Walsh, spokesperson for the Canadian Bankers Association, said the banks will participate in the hearings.

Canada’s big banks will be in the hot seat next month, facing questions about questionable banking practices revealed by CBC’s Go Public. ‘Well-served by their banks ’. Robin Walsh, spokesperson for the Canadian Bankers Association, said the banks will participate in the hearings.

Employees from all of Canada's major five banks say sales pressures are forcing them into what they call unethical practices towards customers.© Dillon Hodgin/CBC Employees from all of Canada's major five banks say sales pressures are forcing them into what they call unethical practices towards customers.

Canada's big banks will be in the hot seat next month, facing questions about questionable banking practices revealed by CBC's Go Public.

Popular Searches

CDA (Compagnie des Alpes)

CDA

Questions remain on Aaron Hernandez wealth after conviction erased

  Questions remain on Aaron Hernandez wealth after conviction erased Questions abound after a judge erased ex-NFL star Aaron Hernandez’s murder conviction in a 2013 killing. BOSTON — Questions abound after a judge erased ex-NFL star Aaron Hernandez’s murder Chief among them: What, if any, wealth did the former New England Patriots tight end leave behind when he hanged himself in prison on April 19?And could the team be back on the hook for nearly $6 million it withheld from Hernandez after he was charged in the killing and the team released him?There are no clear answers.

Finance committee hearings follow revelations by CBC's Go Public. http://www.cbc.ca/1.4122617 Canada’s big banks will be in the hot seat next month, facing questions about questionable banking practices revealed by CBC's Go Public.

Canada’s big banks will be in the hot seat next month, facing questions about questionable banking practices revealed by CBC’s Go Public. ‘Well-served by their banks ’. Robin Walsh, spokesperson for the Canadian Bankers Association, said the banks will participate in the hearings.

25.00
+0.11
+0.44%
Zeon Corp

NZE

9.68
+0.10
+1.04%
SoftBank Group Corp

SFTBF

75.41
-1.08
-1.41%
Toyota Motor Corp

TM

106.77
+0.98
+0.93%

Parliament's finance committee has decided to hold hearing into reports that bank employees are being pressured to meet sales targets. Over the course of three meetings, the committee is expected to hear from Canada's banks as well as government agencies that oversee banks.

The hearings will likely be held in June, sometime before Parliament rises for the summer.

Wayne Easter, chairman of the finance committee, said if the committee finds problems that need to be addressed, it can propose changes.

"We can make recommendations to the superintendent of financial institutions or to some of the other regulators of the banks if we find there are undue problems here and as a committee make recommendations to the authorities that have the responsibility in those areas."

Six Canadian Banks Cut by Moody's on Consumers' Debt Burden

  Six Canadian Banks Cut by Moody's on Consumers' Debt Burden (Bloomberg) -- Six of Canada’s largest banks had credit ratings downgraded by Moody’s Investors Service on concern that over-indebted consumers and high housing prices have left lenders vulnerable to potential losses on assets. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-ca/money/indexdetails"; config.stockdetailsurl = "/en-ca/money/stockdetails"; config.funddetailsurl = "/en-ca/money/funddetails"; config.etfdetailsurl = "/en-ca/money/etfdetails"; config.

Canada’s big banks will be in the hot seat next month, facing questions about questionable banking practices revealed by CBC’s Go Public. Parliament’s finance committee has decided to hold hearing into reports that bank employees are being pressured to meet sales targets.

Canada’s big banks will be in the hot seat next month, facing questions about questionable banking practices revealed by CBC’s Go Public.

Thousands contact Go Public

The committee's decision earlier this month to hold hearings into banking practices comes in the wake of revelations by Go Public that employees in a number of banks were being pressured to sell customers products and services they may not need. In some cases employees told CBC News they had increased lines of credit or overdraft protection to hit their sales revenue targets without informing the customer.

To date, thousands of bank employees have contacted Go Public, describing stress-inducing pressure to increase sales.

Easter said the reports sparked calls to members of the finance committee and questions from constituents.

"The question from constituents is along the lines of 'Are the banks overextending the authority they have under the Bank Act to push you as a customer to buy a certain product, and is there undue pressure being applied to an employee of the bank to push that product?"

Connecting troubled youth with surprising companions

  Connecting troubled youth with surprising companions "They drop that serious look of 'I'm tough and I need to protect myself and now they just become kids again," says Sacramento Youth Detention Facility Chief Brian Lee . Because they're minors, California law won't allow us to show you their faces.But every teen in this program called "Pawsitive Impact" seems to light up with each encounter."They drop that serious look of 'I'm tough and I need to protect myself' and now they just become kids again," Lee says.  The premise is simple.

Whilst banks recognise the need for tougher controls, many question their cost and effectiveness. South Africa. “I expect the African banking industry to face significant. Up < 0.15. Conduct practices Currency Shadow banking Technology risk Emerging markets.

Big banks have internal systems of penalties and rewards that entice employees to push subprime loans and credit cards on customers who would be better off without them. CPD’s report outlines several illegal predatory practices big banks have been caught employing, usually via their front-line

'Well-served by their banks'

Robin Walsh, spokesperson for the Canadian Bankers Association, said the banks will participate in the hearings.

"The CBA and member banks regularly participate in Parliamentary committee hearings and we will be pleased to participate in these House of Commons Finance Committee hearings," he wrote.

"Canadians are well-served by their banks, which is reflected in the very high level of satisfaction they have with their own bank – over 90 per cent of Canadians having favorable impressions of their bank."

The proposal to hold hearings into bank practices initially came from New Democrat MP Pierre-Luc Dusseault.

"It was after the revelations of CBC/Radio Canada that a very high number of employees of banks have flagged some concerns about commercial practices of banks. I felt that this Parliament needed to do something about that."

Dusseault would like to hear from employees

Dusseault said he would like to hear experts on the Bank Act as well as from the banks and the superintendent of financial institutions.

Growing global cyberattack hits 200,000 victims so far

  Growing global cyberattack hits 200,000 victims so far The unprecedented global cyberattack has hit more than 200,000 victims in scores of countries, Europol said Sunday, warning that the situation could escalate when people return to work. An international manhunt was well under way for the plotters behind what was being described as the world's biggest-ever computer ransom assault.The indiscriminate attack, which began Friday, struck banks, hospitals and government agencies in more than 150 countries, exploiting known vulnerabilities in old Microsoft computer operating systems.

Practice Aptitude Tests. Retail banking mock interview. Try a practise interview for retail banking , answering typical questions and also getting tips on how you should answer. What is the most difficult situation you have had to face and how did you tackle it? (Abbey National).

Qbank has two outstanding ways to prepare for your certification NP exam! Apply clinical assessment skills and knowledge in clinical practice questions . Combine Our Banks to Suit Your Needs.

"To make sure that the Bank Act is followed and is enforced because it was clear from this testimony that some employees felt the Bank Act was not respected in some cases."

If any bank employees are willing to testify, Dusseault said he would like the committee to hear from them as well.

Conservative 'very keen' on hearings

Dan Albas, a Conservative member of the committee, said he has received reports from people who shared their experiences of the kind of practices outlined by the reports.

Wayne Easter, chairman of the House of Commons finance committee says the committee has the power to recommend changes.© CBC Wayne Easter, chairman of the House of Commons finance committee says the committee has the power to recommend changes.

"That's why I am very keen to hear from both the regulators – institutions that actually have oversight of this and also to ask the minister of finance directly what his overall perspective is in this case."

Albas said he also wants to make sure that the concerns about bank practices are being taken seriously.

"We would like to know a little bit more about the nature of these complaints. Obviously, these complaints were made anonymously by people who have said that they work in the banks versus consumers themselves. So we need to ask ourselves: Is there a process for those concerns to go forward?"

Elizabeth Thompson can be reached at elizabeth.thompson@cbc.ca

Exclusive: Hackers hit Russian bank customers, planned international cyber raids .
Russian cyber criminals used malware planted on Android mobile devices to steal from domestic bank customers and were planning to target European lenders before their arrest , investigators and sources with knowledge of the case told Reuters.Their campaign raised a relatively small sum by cyber-crime standards - more than 50 million roubles - but they had also obtained more sophisticated malicious software for a modest monthly fee to go after the clients of banks in France and possibly a range of other western nations.Russia's relationship to cyber crime is under intense scrutiny after U.S.

Source: http://ca.pressfrom.com/news/money/-28475-big-banks-to-face-questions-about-banking-practices/

—   Share news in the SOC. Networks

Topical videos:

This is interesting!