OBSI chosen as sole ombudsman for banking complaints in Canada
Toronto, October 17, 2023 – In a significant development today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that the Ombudsman for Banking Services and Investments (OBSI) has been selected as the single external complaints body for Canada, with the mandate to investigate and resolve complaints between Canadian banks and consumers. OBSI welcomes this decision that recognizes our organization’s 27-year track record of impartiality, expertise, and dedication to resolving disputes fairly and independently.
Maureen Jensen, OBSI Chair, expressed OBSI’s appreciation for this recognition, stating, “We are deeply honoured to have been chosen as the exclusive ombudsman for banking complaints in Canada. This decision validates our ongoing efforts to provide consumers and financial services firms with an effective process for addressing their disputes and to offer a world-class complaint resolution service that all Canadians can have confidence in. The OBSI team is dedicated to upholding the highest standards of integrity and fairness, and we are committed to facilitating efficient resolutions that benefit both consumers and the financial industry.”
“In the coming year, we look forward to working with the FCAC, the banks that will be returning to OBSI, as well as the Canadian Bankers Association, our existing participating banks and other stakeholders to ensure a smooth transition,” said Sarah Bradley, Ombudsman and CEO, OBSI.
With the consolidation of banking complaint handling under OBSI, the organization will be responsible for providing ombuds services to all federally regulated Canadian banks. OBSI currently has more than 1,500 participating firms, including banks, trust companies, and credit unions, as well as all investment firms across Canada.
Effective ombudsman services advance fairness and trust in the Canadian financial services sector by providing efficient, independent, and accessible dispute resolution services to consumers and firms, and feeding data and insights back into the system to support a virtuous cycle of continuous improvement.
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Canada’s Ombudsman for Banking Services and Investments (OBSI) is a national, independent, not-for-profit organization that helps resolve and reduce disputes between consumers and financial services firms in both official languages. OBSI is responsive to consumer inquiries, conducts fair and accessible investigations of unresolved disputes, and shares its knowledge and expertise with all stakeholders and the public. If a consumer has a complaint against an OBSI participating bank or investment firm that they are not able to resolve with the bank or firm, OBSI will investigate at no cost to the consumer. Where a complaint has merit, OBSI may recommend compensation up to a maximum of $350,000.
For more information, contact:
Mark Wright, Director, Communications and Stakeholder Relations
416-287-2877 ext.2225
publicaffairs@obsi.ca