QSA's Week in Finance (#4, 2024)
Single complaints body for banks; Bank of Canada's rate cut; Credit card practices in focus; Amalgamation of NBC and CWB; New foreign bank branch in Canada.
Start Date: 2024-10-26
End Date: 2024-11-01
Top Headlines
Main Stories
Single External Complaints Body for Banks Established
The Ombudsman for Banking Services and Investments (OBSI) has been designated as Canada's single external complaints body (ECB) for federally regulated banks, effective November 1, 2024. This transition from a dual-ECB system aims to streamline consumer complaint processes and improve accessibility and fairness in banking disputes. The Financial Consumer Agency of Canada (FCAC) will supervise compliance with these requirements. This move aligns with findings from a 2020 FCAC report that identified consumer challenges with the previous system. OBSI's role is critical in offering an impartial resolution process for unresolved banking complaints.
Sources: ['Announcements: www.canada.ca']
