OBSI ready to welcome all Canadian banks and their customers November 1

Starting November 1, OBSI will begin serving as Canada’s sole designated external complaints body (ECB) for banking, accepting complaints from consumers of all federally regulated financial institutions.  

The designation of OBSI followed a fair, transparent and competitive application process in 2023. By establishing a single ECB, the federal government has replaced the previous multiple-ECB model, which was considered less efficient, confusing for consumers and inconsistent with international best practices. This change addresses inefficiencies and complexities faced by consumers when escalating banking complaints, as highlighted in the 2020 report of the Financial Consumer Agency of Canada that examined dispute resolution for Canadian banking consumers.  

As a result, we will be welcoming National Bank of Canada, Royal Bank of Canada, Scotiabank, Tangerine Bank, and TD Bank as participating firms. OBSI has proactively prepared for this transition by collaborating with transitioning banks and FCAC. Since the designation last year, OBSI has engaged in a comprehensive process of planning and preparation. In advance of the transition, we have undertaken significant internal improvements, including workforce growth and development of operational efficiencies, systems and process improvements. 

With these efforts, OBSI is well prepared to meet the needs of our 1,500 current participating banks, credit unions and investment firms, as well as all transitioning banks and their customers.