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 percent of Canadians had never heard of the OBSI, nor the ADR Chambers Banking Ombuds Office that, until Friday, covered RBC, TD, Scotiabank and its subsidiary Tangerine, and National Bank….