Product Responsibility

Product Responsibility

Social Performance

DMA    

TD follows many industry-level Codes of Conduct and Public Commitments that are designed to protect consumers and ensure they are provided with information to assist them with their financial decisions.

Our products and services are designed to meet genuine customer needs. In both our retail and wealth management businesses we have checks and balances in place to ensure adherence to our corporate values and selling practices.

Voluntary and Public Codes of Commitment

PR 1 Life cycle stages in which health and safety impacts of products and services are assessed for improvement, and percentage of significant products and services categories subject to such procedures. NA
PR 2 Total number of incidents of non-compliance with regulations and voluntary codes concerning health and safety impacts of products and services during their life cycle, by type of outcomes. NA
PR 3 Type of product and service information required by procedures, and percentage of significant products and services subject to such information requirements. P

Responsible Sales and Marketing
Our reputation and relationships with customers depend on helping to ensure that what we sell, how we sell and how we advise customers are transparent, right for them and offer value. By doing what's right for our customers, we also help limit the bank's financial risk.

Product Information
We want to help our customers understand the financial products and services they purchase.

Our employees are trained to take sufficient time to explain issues and answer questions.

We make product and fee information readily available in our branches, stores, investment centres and websites, and we present it in clear, easy-to-understand language.

TD follows many industry-level Codes of Conduct and Public Commitments that are designed to protect consumers and ensure they are provided with information to assist them with their financial decisions.

Our products and services are designed to meet genuine customer needs. In both our retail and wealth management businesses we have checks and balances in place to ensure adherence to our corporate values and selling practices.

All employees receive training on product features, Know Your Customer policies and suitability. Branch and phone-based sales representatives are trained to use online discussion tools in their conversations with customers. These tools prompt employees to consistently put the customer first, ask the right questions and suggest appropriate solutions. An example is Account Advisor which helps ensure customers are not paying for products or services they don’t need. In the case of credit products, our credit underwriting team checks that customers are not being over-extended and offers alternative solutions if necessary.

TD employees who provide investment advice are also guided by Know Your Customer policies and suitability rules. Through discussion and analysis, the advisor establishes a client’s financial objectives, goals and aspirations. The advisor asks a set of questions designed to clearly understand the client’s investment objectives, tolerance for risk, and the time period over which he or she plans to invest. The advisor is then able to make investment recommendations based upon the client’s needs. We encourage clients to meet with an advisor on a regular basis to ensure any changes in their personal circumstances are reflected in their overall investment strategy.

Voluntary and Public Codes of Commitment

PR 4 Total number of incidents of non-compliance with regulations and voluntary codes concerning product and service information and labeling, by type of outcomes. F

There were no incidents in 2010, 2011, 2012 or 2013.

PR 5 Practices related to customer satisfaction, including results of surveys measuring customer satisfaction. F

Listening to our Customers
Delivering "legendary customer experiences" is core to TD's business strategy. In 2013, we contacted over 700,000 customers to ask for feedback. We want to know if the customer is likely to recommend TD to their friends, family or colleagues, based on a recent visit or call.

The results of these surveys form our Customer Experience Index (CEI) in Canada and our Customer WOW! Index in the U.S. We use CEI and CWI to help set targets and drive improvement, and the results have a direct impact on all employees' compensation. In 2013, employees continue to focus on delivering exceptional service, and the result improved across all businesses.

Customer Experience Performance
Business 2013 Target 2013 2012 2011 2010
TD Canada Trust 35.4 33.8 checkmark 34.6 checkmark 33.4 checkmark 30.6 checkmark
TD Bank 40.0 39.9 checkmark 39.1 checkmark 36.4 checkmark 30.8 checkmark
TD Wealth Management 20.2 16.6 17.5 16.1 10.2
TD Insurance 21.0 18.8 17.2 14.0 11.8
PR 6 Programs for adherence to laws, standards, and voluntary codes related to marketing communications, including advertising, promotion, and sponsorship. F

Responsible Sales and Marketing
Our reputation and relationships with customers depend on helping to ensure that what we sell, how we sell and how we advise customers are transparent, right for them and offer value. By doing what's right for our customers, we also help limit the bank's financial risk.

Voluntary and Public Codes of Commitment

PR 7 Total number of incidents of non-compliance with regulations and voluntary codes concerning marketing communications, including advertising, promotion, and sponsorship by type of outcomes. F

There were no incidents in 2013.

In 2011, there was one incident. Advertising Standards Canada raised concerns about a claim in a newspaper advertisement that TD Canada Trust offered a “No Down Payment Mortgage” after the product was no longer available. An outdated, inaccurate version of the advertisement was placed by an individual mortgage specialist, in error, and without the approval of TD. TD placed a correction notice in the local newspapers that carried the advertisement.

PR 8 Total number of substantiated complaints regarding breaches of customer privacy and losses of customer data. F
Substantiated Privacy Complaints in Canada  2013  20121 2011 
Privacy complaints made by customers in which the Office of the Privacy Commissioner of Canada ruled in favour of the customer. 0 5 1

1 Effective March 28 2012, the OPC revised its investigative findings and other dispositions under PIPEDA. The 2012 results reflect this change in approach by the OPC. This change does not impact the prior years’ disclosures.

PR 9 Monetary value of significant fines for non-compliance with laws and regulations concerning the provision and use of products and services. NR