OBSI Designated as Sole Banking Complaints Body in Canada

The move aims to streamline complaint processes and enhance consumer protection for federally regulated banks.

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.