Canadians now have a single external complaints body for banking
Canada All National News
November 1, 2024
Canadians now have a single, independent body to handle complaints about their banks. The new Banking Ombudsman Bureau was launched on Monday and is now accepting complaints from consumers.
The bureau is the result of a merger between the Ombudsman for Banking Services and Investments (OBSI) and the Canadian Bankers Association’s (CBA) banking ombudsman. The new bureau will have a single set of rules and procedures for handling complaints, and will be able to investigate complaints from all banks in Canada.
“This is a major step forward for consumer protection in Canada,” said Jane Rooney, the ombudsman for the new bureau. “Canadians will now have one place to go to complain about their banks, and they will have confidence that their complaints will be handled fairly and independently.”
The bureau will have a team of investigators and mediators to handle complaints. It will also have a board of directors made up of consumer advocates, bankers, and other experts.
The bureau will be funded by a levy on banks. The levy will be based on the size of the bank and the number of complaints it receives.
The bureau is expected to receive about 10,000 complaints per year. The majority of complaints are expected to be about service issues, such as slow response times or incorrect information. However, the bureau will also be able to investigate more serious complaints, such as fraud or discrimination.
If a consumer is not satisfied with the bureau’s decision, they can appeal to the Financial Consumer Agency of Canada (FCAC). FCAC is an independent body that oversees the financial services industry in Canada.
The launch of the new Banking Ombudsman Bureau is a significant step forward for consumer protection in Canada. It will provide Canadians with a single, independent body to handle complaints about their banks. This will help to ensure that consumers are treated fairly and that their concerns are taken seriously.
Canadians now have a single external complaints body for banking
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