On May 11, C-FCAC on bank external complaints body applications.
C-FCAC sought applications for CAN's single banking External complaints body (ECB).
Process supports government’s Budget 2023 commitment to achieve fairer external complaints handling system for financial consumers, contained in Bill C-47, #170452.
External Complaints
Move to a single ECF addressed findings from 2020 report on ECB operations, #50766.
Found that Canada's multiple-ECB model introduces inefficiencies and complexities.
Single ECB will be designated by Minister of Finance on a recommendation of C-FCAC.
ECB will provide a fair and impartial external process for consumers whose complaints have not been resolved by banks to their satisfaction, or dealt with in a timely manner.
Required that the ECB comply with provisions of the Bank act (C-FCAC SC 1991 c.46).
Also Financial consumer protection framework regulations (C-FCAC SOR/2021-181).
Provided banking ECB applicant requirements, application instructions, and next steps.
Application Dates
Applications must be submitted electronically; application deadline is Jun. 26, 2023.
Oct. 17, 2023 C-FCAC Announced OBSI ECB
On Oct. 17, 2023, C-FCAC reported designation of Ombudsman for Banking Servicesand Investments (OBSI) to serve as single external complaints body for banking.
OBSI assumes its responsibilities following transition, as Canada’s ECB, Nov. 1, 2024.
On the same day, OBSI welcomed the decision and organization recognition for its 27-year track record of impartiality, expertise, and dedication to resolving disputes.
Oct. 21, 2023 CAN GVT Notice
On Oct. 21, 2023, CAN GVT published designation of Ombudsman for Banking Services and Investments to serve as external complaints body in the official Canada Gazette.
The designation of the Ombudsman takes effect on Nov. 1, 2024.
In Jul. 2024, C-OBSI published FAQ on taking over complaint resolution, see #220518.
Regulators
C-FCAC; C-OBSI
Entity Types
Bank; CNSM
Reference
OG, Part I Vol. 157 No. 42, 10/21/2023; PR, 10/17/2023; PR, 5/11/2023; Bill C-47; Citation: *C-FCAC* SC 1991 c.46, SOR/2021-181;
