Canada designates OBSI as single body for banking complaints [Wealth Professional (Canada)]
Royal Bank Of Canada (RY)
Last royal bank of canada earnings: 2/21 06:00 am
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Source: Wealth Professional
As of November 1, the Ombudsman for Banking Services, and Investments (OBSI) has assumed its new role as the single external complaints body (ECB) for federally regulated banks in Canada. This shift, initiated by Finance Minister Chrystia Freeland in October 2023 and based on the Financial Consumer Agency of Canada's (FCAC) recommendation, consolidates banking complaints under one independent organization. The aim is to simplify the complaints process for consumers who previously had to navigate a two-body system. The move to designate OBSI as the sole ECB comes after findings from FCAC's 2020 report on the operations of external complaints bodies. The report highlighted consumer challenges, such as delays and procedural issues, when escalating complaints. Before OBSI's sole designation, banks could choose between OBSI and the ADR Chambers Banking Ombuds Office (ADRBO) to handle complaints. Under the new mandate, all federally regulated banks are now required to work with OBS
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