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However, the FCAC said it’s review did not find widespread “mis-selling,” which was defined as the sale of financial products or services to customers that can be unsuitable, made without taking consumers’ needs into “reasonable” account, or involve incomplete or misleading information.

“The six largest banks in Canada co-operated fully with FCAC and we are encouraged that the review found no widespread mis-selling and that banks get this right the vast majority of the time,” said Neil Parmenter, president and chief executive of the Canadian Bankers Association, which represents the big lenders, in a release.

But the FCAC did say it is investigating an undisclosed number of alleged violations of legislation, codes of conduct or public commitments that the agency oversees.

In the face of the “sharp focus on sales” in retail banking, the FCAC also said it will update its supervision framework, and devote more resources to enforcement and consumer education. Lucie Tedesco, commissioner of the agency, said it created a team this year that will be solely responsible for all investigations and enforcement action.

“What we’re asking (banks) is to create or improve the governance frameworks that they have to monitor and assess their sales practice risk and their market conduct risk so that they’re as robust as the other governance frameworks they have in place for different risks,” Tedesco said in an interview. “What we found was there was no widespread problem of mis-selling or breaching market conduct obligations, although those risks exist across all six banks.”