Overview

• Effective today, the Ombudsman for Banking Services and Investments (OBSI) is the only external complaints body for Canadian banking customers.
• The decision, made by Deputy Prime Minister Chrystia Freeland, consolidates the complaint system to address delays and complexities.
• Previously, banks could choose between OBSI and ADR Chambers Banking Ombuds Office, but now all must be members of OBSI.
• The Financial Consumer Agency of Canada (FCAC) supports this change, emphasizing improved consumer protection and complaint handling.
• Although the system is simplified, consumers should not expect major changes in outcomes, as most cases historically favor banks.