Home Wealth Management OBSI to deal with ALL financial institution complaints as Ottawa targets unfair therapy

OBSI to deal with ALL financial institution complaints as Ottawa targets unfair therapy

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OBSI to deal with ALL financial institution complaints as Ottawa targets unfair therapy

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For OBSI, its mandate to research and resolve complaints between Canadian banks and shoppers is recognition for 3 a long time of the non-profit’s work to guard shoppers.

“We’re deeply honoured to have been chosen because the unique ombudsman for banking complaints in Canada,” mentioned Maureen Jensen, OBSI chair. “This determination validates our ongoing efforts to supply shoppers and monetary companies corporations with an efficient course of for addressing their disputes and to supply a world-class criticism decision service that every one Canadians can trust in.”

At the moment, banks can resolve on the exterior adjudication of complaints, resembling ADRBO which a number of of the Massive Six banks opted to make use of. However beginning November 1, 2024, the strengthened OBSI can have jurisdiction to resolve complaints in any respect Canadian banks.

“Within the coming yr, we stay up for working with the FCAC, the banks that will likely be returning to OBSI, in addition to the Canadian Bankers Affiliation, our present taking part banks and different stakeholders to make sure a clean transition,” mentioned Sarah Bradley, Ombudsman and CEO, OBSI.

OBSI already handles complaints for 1,500 taking part corporations, together with banks, belief corporations, and credit score unions, in addition to all funding corporations throughout Canada.

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