CARP is escalating a national conversation about how Canada’s major banks deliver investment advice—and whether that advice truly serves clients or simply meets internal sales targets.

At the centre of this debate is the OSC/CIRO sales culture report, which confirmed long-standing concerns raised by seniors and consumer advocates. Equally troubling is the Canadian Bankers Association’s refusal to meaningfully address those findings, despite direct engagement from CARP.

Why this matters to seniors

Seniors place extraordinary trust in their bank branches, often entrusting them with retirement savings accumulated over a lifetime. When incentives inside those branches prioritize product sales over client outcomes, that trust is put at risk.

CARP believes Canadians deserve clear, client-first standards for investment advice—especially when that advice is delivered under the implied credibility of a major financial institution.

National media coverage featuring CARP

• The Globe and Mail (Business)
  In a business feature by journalist Clare O’Hara, CARP highlighted how the OSC/CIRO findings expose systemic problems in bank-branch advice—and why seniors are particularly vulnerable when sales culture dominates.
  
  Read the Globe and Mail coverage
  
• Financial Post (syndicated via Yahoo Finance)
  The Financial Post also covered CARP’s position, with the story syndicated widely—including on Yahoo Finance—bringing national attention to how sales-driven advice undermines investor confidence.

Read the Financial Post coverage on Yahoo Finance

• Advisor.ca (industry coverage)
  Industry publication Advisor.ca examined the OSC/CIRO findings and the broader implications for bank-branch advice, signaling that concerns raised by CARP are resonating beyond consumer advocacy circles.
  
  Read the Advisor.ca coverage

  BNN Bloomberg interview

   

CARP President Anthony Quinn spoke with BNN Bloomberg’s Trading Day about why the OSC/CIRO findings matter for seniors and everyday investors, and why stronger protections and regulatory action are needed inside bank branches.
Watch the full BNN Bloomberg interview

CARP challenges the Canadian Bankers Association

Following the release of the OSC/CIRO report, CARP formally called on the Canadian Bankers Association to take responsibility for the sales practices taking place inside bank branches and to commit to stronger, enforceable standards for investment advice.

The CBA’s response fell short. Rather than acknowledging the seriousness of the findings or committing to meaningful reform, it largely defended the status quo. For CARP, this reinforces the need for stronger regulatory oversight and policy action.

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