Financial authorities are examining purportedly coercive bank sales techniques.

Bloomberg BNN Company Financial authorities are examining purportedly coercive bank sales techniques. By The Canadian Press at 3:00 PM EST on November 26, 2024 Watch live on BNN Bloomberg. TORONTO — According to financial regulators, they are investigating claims of high-pressure sales tactics in Canadian bank locations. Information collecting in the upcoming months and early 2025 will be the primary focus of the coordinated study, according to the Ontario Securities Commission and the Canadian Investment Regulation Organization. MARKETING Before taking any action, the authorities said they want to gain a better understanding of the sales environment and culture of Canadian banks in order to detect and gauge the severity of any possible problems. According to the OSC, the probe comes after a public complaint of possible investor injury due to suspected high-pressure mutual fund sales tactics. They extend an invitation to those who possess concerns or information to share, including through the OSC's whistleblower program, which offers protections and possible rewards for disclosures that result in enforcement action. Although they both seek to safeguard investors, CIRO is a self-regulatory group and the OSC is a separate government body.