“While the mandate letter’s reference to “arbitration” is unclear, the need for a single ombudsman with binding decision-making power in Canada is a clearly stated issue that we strongly support,” Burroughs said.
Mandating a non-profit ombudsman would benefit Canadian banking consumers, he said, particularly those who have the ability, time and ability to properly navigate an opaque and complex complaint resolution system with various parties with competing interests. / or lack of resources.
Many investors and consumer activists have been pressuring businesses, regulators and governments to meet this important goal for more than a decade. In order to enhance consumer protection, improve access to justice, and instill fairness and trust in the Canadian banking industry, the bureau stated that OBSI should be designated as an authority under the Banks Act and to exercise binding decision-making on banks. Jurisdiction should be given.
He cited Obsi’s 25-year record of providing independent dispute-resolution services to Canadian financial consumers, saying it provides greater openness during the complaint-handling process and helps consumers resolve their difficulties. directly involved. As a non-profit ombudsman, Burroughs argued, OBSI provides a simplified approach to customers and has proven its ability to deliver a high-quality complaint-handling service.
“OBSI already handles complaints for banks, investment dealers and advisors and credit unions across Canada,” he said. “OBSI’s complaint management services provided today reflect many international best practices.”