The persistent buzz of notifications on Brian Thompson’s phone wasn’t from friends or family—it was his bank, relentlessly pushing credit limit increases, premium credit cards, and loan offers he never requested. Thompson’s experience mirrors thousands of Canadians who find themselves targeted by increasingly aggressive banking sales tactics that have now attracted regulatory attention.
“Every week without fail, they’d contact me about something new to buy,” Thompson told CO24 News. “It felt less like customer service and more like being hunted by a sales team.”
Recent investigations reveal that major Canadian financial institutions have intensified their upselling practices, with front-line employees facing mounting pressure to meet sales targets. According to documents obtained by CO24, some bank employees report being expected to sell between 10 and 15 products daily to meet performance metrics tied directly to their job security.
The Financial Consumer Agency of Canada (FCAC) has received over 5,000 complaints in the past year related to aggressive selling practices—a 47% increase from the previous reporting period. The agency confirmed to CO24 Business that it has launched a formal investigation into potential violations of consumer protection regulations.
Banking expert Sophia Chen from the Canadian Centre for Financial Literacy explains the concerning trend: “Banks are facing margin pressures in their traditional business lines, so they’re compensating by pushing high-fee products and services onto existing customers. The problem is when these recommendations aren’t aligned with customers’ actual financial needs.”
Internal whistleblowers from three major Canadian banks have provided evidence showing sales scripts designed to overcome customer objections and performance reviews that explicitly penalize employees who don’t meet upselling quotas. One former bank employee, speaking on condition of anonymity, described the environment as “predatory” and “ethically compromised.”
The Canadian Bankers Association maintains that member institutions adhere to strict ethical guidelines and prioritize customer needs. In a statement to CO24 Canada, they emphasized that “Canadian banks are committed to providing products and services that match customers’ financial circumstances and objectives.”
However, consumer advocates remain skeptical. The Public Interest Advocacy Centre has documented numerous cases where vulnerable populations, including seniors and newcomers to Canada, were sold complex financial products they didn’t understand or need.
Federal Finance Minister Chrystia Freeland has signaled potential legislative action, telling reporters that “Canadians deserve financial institutions that prioritize their well-being over sales metrics.” The upcoming fall parliamentary session is expected to include debate on expanded consumer protection measures for banking customers.
For consumers currently dealing with unwanted bank sales pitches, financial counselors recommend clearly documenting all interactions, directly requesting to be removed from marketing lists, and filing formal complaints with both the institution and the FCAC when experiencing persistent pressure.
As regulatory scrutiny intensifies, one question remains at the forefront for Canadian banking customers: Will financial institutions voluntarily reform their sales cultures, or will it take government intervention to restore the balance between legitimate business growth and consumer protection?
