OBSI Becomes Sole Banking Ombudsman for Canadian Customers of Federally Regulated Banks [Canadian Business Journal (Canada)]
Royal Bank Of Canada (RY)
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Source: Canadian Business Journal
TORONTO, Nov. 01, 2024 (GLOBE NEWSWIRE) — Starting today, the Ombudsman for Banking Services and Investments (OBSI) will serve as Canada’s sole, designated External Complaints Body (ECB) for banking. From today, OBSI will be accepting complaints from consumers of all federally regulated banks. This decision, made by the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, streamlines the complaint resolution process for consumers across the country.The selection of OBSI followed a fair, transparent and competitive application process in 2023. By establishing a single ECB, the government replaces the previous multiple-ECB model, which was considered less efficient, confusing for consumers and inconsistent with international best practices. This change addresses inefficiencies and complexities faced by consumers when escalating banking complaints, as highlighted in the Financial Consumer Agency of Canada (FCAC)’s 2020Industry Review: The Operations of External Co
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