Canadians can take banking complaints to one place as streamlining change takes effect
TORONTO — Canadians now have a single place to appeal banking issues after the federal government’s simplification of the system took effect Friday.
The government said it made the Ombudsman for Banking Services and Investments (OBSI) the lone external complaints body in an effort to reduce delays and complexities in the system. The change could also make more people aware such an option exists at all.
A survey conducted a few years ago by the Financial Consumer Agency of Canada found that 83 per cent of Canadians had never heard of the OBSI, nor the ADR Chambers Banking Ombuds Office that, until Friday, covered Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and its subsidiary Tangerine, and National Bank of Canada.
As those banks that were at the ADR shift over to the OBSI, its chief executive, Sarah Bradley, says the move should makes it easier for Canadians to know where to go.
“One of the main benefits of the single (external complaints body) system is it really simplifies the message, helps Canadians know where they can turn when things have gone wrong with their banking relationship,” said Bradley.
While many Canadians are still unaware, those that do know are making more use of the system than ever before. The OBSI saw a 63 per cent increase in inquiries in 2023 to more than 17,000.
More than 3,000 of those led to cases being opened.
The increase comes after the government made other changes to the system, including requiring faster processing of complaints, after the Financial Consumer Agency found too many consumers were dropping out of the process partway through.
The combination of increased complaints, and more to come with the additional banks under the OBSI umbrella, has led the office to
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