One external complaints body for banking
Canada’s current complaint-handling process in banking
Canada’s current complaint-handling process in banking has 2 parts:
- banks’ internal complaint-handling
- external complaint-handling by independent organizations. These independent organizations are external complaints bodies (ECBs)
There are currently 2 ECBs in Canada.
Banks must be a member of one of the 2 ECBs:
You have the right to file a complaint with an ECB if:
- your complaint was not resolved to your satisfaction after it went through your bank’s internal complaint-handling process, or
- 56 days passed since your bank received your complaint
Moving to one external complaints body for banking
As of November 1, 2024, Canada will have 1 ECB for banking.
The Minister of Finance designated the Ombudsman for Banking Services and Investments (OBSI) as Canada’s single ECB for banking. The Minister based this decision on the recommendation of Financial Consumer Agency of Canada (FCAC)’s Commissioner. FCAC conducted an open and transparent application process.
OBSI is a national, independent, not-for-profit organization that has been helping bank customers resolve disputes for over 25 years.
The move to 1 ECB will mean a simpler and more effective complaint-handling process for you.
Learn more about how Canada designated 1 external complaints body for banking.
Transition period for moving to one external complaints body for banking
OBSI will become Canada’s single ECB following a transition period. This will take effect on November 1, 2024.
From now until November 1, 2024, Canada’s current 2 ECBs will continue to handle complaints.
FCAC will continue to supervise the 2 ECBs to make sure they fulfill their role and comply with their obligations to you. FCAC will also support a smooth transition with minimal impact on you.
Filing a complaint about financial products and services
Continue to follow your bank’s complaint-handling process during the transition period.
Contact your bank for help on how to file your complaint.
Banks must help you in moving your complaint through the different steps of their complaint-handling process. This includes your right to submit a complaint to an ECB.
Learn how to file a complaint about financial products and services.
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