OSFI, FCAC, CDIC call out firms' conduct, prudential responsibilities
Certain fees were not disclosed to borrowers for almost 20 years, regulator alleged
Mystery shopping exercise finds consumers felt good despite banks’ poor sales practices
The bank was fined $400,000 after it overcharged seniors $31 million
Consultation follows a report that exposed deficiencies with the current system
Frank Lofranco will oversee the agency’s supervision and enforcement activities
Former OSC commissioner to begin five-year term in August
Review will take a closer look at disputes handled by the banks internally and complaints escalated to OBSI and ADRBO
IFSE launches Tip of the Day awareness campaign
New enforcement division will improve agency’s ability to protect consumers