NEWS
03/31/2016 10:05 EDT | Updated 04/01/2017 01:12 EDT

TD Bank CEO renews calls for regulation of financial technology upstarts

TORONTO — The chief executive of TD Bank is renewing his calls for regulations governing the financial technology sector, claiming that security breaches and solvency issues at a number of upstarts have put customers at risk.

Bharat Masrani first called on regulators to take a closer look at financial technology startups last year at TD's annual meeting.

Masrani repeated the sentiment this morning in Montreal at this year's annual meeting and added that the need for regulations is even more apparent now because of issues that he says have "plagued" a number of the new entrants.

Masrani says that new technology-focused entrants in the financial services space are typically not subject to the same regulations as traditional banks.

He says the lighter regulation could leave customers at risk of having their private information stolen and also compromise the integrity of the financial system.

"Consumers must have the same assurances, regardless of who they deal with," Masrani told shareholders.

 

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The Canadian Press