Canadians might believe they have choices with regard to which financial institution they choose to bank with but all members of the Big 6 operate in ways that harm consumers.

In this episode of Books in 5, the author of "Fleeced: Canadians Versus Their Banks" joins us to highlight how RBC, TD, Scotia, CIBC, BMO and NBC are able to charge high fees to their depositors, mutual fund holders and credit card users while also keeping out new startups who are using financial technology to provide better services at lower cost.

It is imperative that policymakers listen to the majority of people in Canada as they are calling for greater transparency, more competition and a more fair playing field for all.

Andrew Spence is an independent financial consultant and economist. He has extensive experience in banking from time spent in Canadian and global banks. He was also an investment executive at two of Canada’s largest pension plans and was Special Adviser to the Governor of the Bank of Canada.He advises pension plans, independent asset managers, insurance companies, risk managers and global industry networking groups.

https://www.fleeced.ca

https://spencestrategic.com

https://spencea.substack.com/