On October 17, Deputy PM and Minister of Finance, Chrystia Freeland, announced that the Ombudsman for Banking Services and Investments (OBSI) will serve as Canada’s single external complaints body (ECB) for banking. OBSI provides services for Canada’s three federal credit unions, as well as for credit unions in the provinces of BC, AB, and SK.
The designation is based on the recommendation of the Financial Consumer Agency of Canada (FCAC), following an open and transparent application process which concluded on June 26th. OBSI will assume its full responsibilities on November 1, 2024, following a transition period of 12 months.
During the transition period, Canada’s two existing ECBs – OBSI and the ADR Chambers Banking Ombuds Office – will continue to be responsible for handling banking complaints and complying with their obligations to consumers. FCAC will continue to supervise ensure a smooth transition.
The move to a single ECB addresses findings from FCAC’s 2020 report on the Operations of External Complaints Bodies, which concluded that consumers face delays and complications when escalating their banking complaints. FCAC also found that Canada's current multiple-ECB model introduces inefficiencies and complexities and is not consistent with international standards.