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e-1872 (Banks)

E-petition
Initiated by James Mallov from Halifax, Nova Scotia

Original language of petition: English

Petition to the Government of Canada

Whereas:
  • Canadian banks and financial institutions have created an employment environment of bullying and fear.
We, the undersigned, citizens of Canada, call upon the Government of Canada to give the Office of the Superintendent of Financial Institutions (OSFI) the power to levy a fine on banks or other financial institutions of $200 million to $500 million for the first of the following serious offenses, rising to a maximum of $1 billion if there are 2 such offenses committed within a 5-year period (all figures adjusted for inflation and rounded to the nearest $10 million):
(a) Having as a common practice the display of sales figures (may be in dollars or number of additional services sold of any type) of each employee who is engaged in sales of financial services in a place visible to other employees;
(b) Having as a common practice impossible sales quotas or other requirements, defined as ones that fewer than 40% of the staff of that company in a given town have reached or exceeded in 3 consecutive months within a calendar year; and
(c) Requiring employees to push the sale of unsuitable financial products, such as an investing account with high fees for someone with little available money.
A common practice is defined as a practice present in more than 2 offices out of 6 that are randomly chosen for investigation by a designated computer program upon the OSFI receiving written or verbal reports of offenses (a), (b) or (c).
Open for signature
November 6, 2018, at 5:25 p.m. (EDT)
Closed for signature
March 6, 2019, at 5:25 p.m. (EDT)
Photo - Niki Ashton
Churchill—Keewatinook Aski
New Democratic Party Caucus
Manitoba