February 21, 2023

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FAIR Canada, joined by a coalition of consumer advocates, called on the federal government to honour its commitment to create a single ombudsman for all consumer complaints against banks. Currently, several banks use a for-profit organization to handle their consumer complaints. This approach is contrary to accepted best practices and international standards. Moreover, an independent review concluded the organization chosen by the banks is falling short of expectations, whereas an independent not-for-profit organization—the Ombudsman for Banking Services and Investments (OBSI)—is meeting them. Banking customers deserve better. All banks should be required to use OBSI to resolve their complaints. To learn more, read our letter:
#finance #investing #regulation #ComplaintHandling #InvestorComplaints