Court Case Brings to Light Banned Practice of Account Churning in Canadian Banks

Published on March 2, 2024

A Federal Court case has brought to light a now-banned practice known as “account churning” among Canadian bank employees incentivized by commission-based pay. Evidence emerged during a recent case about the misconduct that involved bank employees engaging in excessive trading to generate fees, as first covered by Blacklock’s Reporter on Feb. 29. Account churning came under scrutiny after Parliament passed legislation to prohibit the practice in 2018. Lawyers for the Royal Bank of Canada in court described the actions as “fundamentally dishonest and contrary to the Royal Bank’s Code of Conduct.” The gravity of the misconduct was documented in records filed that were linked to a 2018 dismissal of a high-earning financial planner....

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