The bank has been at the centre of a media storm over employee conduct. (Photo: REUTERS/Mark Blinch)
The swirling controversy surrounding some TD Bank employees continues to spark questions regarding customers’ privacy and employee welfare. The bank has been at the centre of a media storm since last week after the CBC reported that current and former employees broke the law in order to meet their sales objectives and ultimately keep their jobs.
In a statement issued this past Sunday, TD Bank CEO Bharat Masrani said that while he doesn’t believe that the reports are accurate, he does take the concerns raised seriously. “TD is in the trust business,” Masrani said. “We know we must earn our customers' trust before we earn their business.”
In the wake of the allegations, The Financial Consumer Agency of Canada, which enforces consumer protection regulations, announced it has launched its own investigation into the bank’s practices. Michael Toope, a spokesman for the agency said in an email to the CBC: “FCAC is concerned about and is investigating allegations about financial institutions signing consumers up for products or services without providing all the required information.”
Since the CBC broke the news last week, they have received over 1,000 emails from employees of other financial institutions that also claim massive pressure to upsell and trick customers in order to keep their jobs.
While the banks continue to claim they are acting in customers’ best interest, the outrage over the TD scandal is prompting calls for a parliamentary inquiry into the ethics employed by Canada’s financial institutions.