Banking and Credit Union Regulation

Banking Regulation

OBSI is the approved External Complaint Body (ECB) for banking complaints under the Bank Act and operates according to standards set out in section 627.49 of the Bank Act and is overseen by the Financial Consumer Agency of Canada (FCAC).

Credit Union Regulation

Credit unions from British Columbia (Credit Union Complaint Resolution Regulation B.C. Reg. 34/2022), Alberta and Saskatchewan offer OBSI’s services to their members.

OBSI has signed a Memorandum of Understanding with the Credit Union Deposit Guarantee Corporation (Saskatchewan) and the Registrar of Credit Unions of Saskatchewan that provides a framework for cooperation, communication and information sharing.

OBSI has signed a Memorandum of Understanding with the BC Financial Services Authority that provides a framework for cooperation, communication and information sharing.

Compliance Questions or Concerns

If you have a question or concern about OBSI's compliance with the federal External Complaint Body regulations (for banking complaints) please contact the Chief Compliance Officer.

You may also contact FCAC directly for banking-related compliance issues: How to contact FCAC.

Please click here for more information about compliance complaints.

Please note that the Chief Compliance Officer cannot review the decision or outcome of an investigation. The Chief Compliance Officer may only review whether OBSI has properly followed its policies and procedures as well as obligations under the federal External Complaint Body regulations (for banking complaints) and Memorandum of Understanding with the Canadian Securities Administrators (for investment complaints).