Consumer advocates say that the review into the practices of Canada’s top five banks is unlikely to be effective because regulators are too closely tied to the industry.
The Financial Consumer Agency of Canada (FCAC) said Wednesday it will launch an investigation in April into the controversial sales practices at Canadian banks. If found to be in violation with the law, banking institutions could be fined up to $500,000.
Duff Conacher of Democracy Watch said the bank watchdog should not have revealed its impending investigation, “The banks will now of course clean up and cover up the wrongdoing,” he said.
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