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New Changes Now In Place When Making Complaints At Some Banks
November 1, 2024
10:59 am
Dean
Valhalla Mountains, British Columbia
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Unfortunately, these changes don't go far enough, and so far they only apply to Five banks ... but it's a good start . . .

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Fingers crossed that the OBSI Ombudsman's findings will soon be made Binding on the Banks, and more FIs are added to the list of those involved.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

November 6, 2024
12:37 pm
Briguy
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Dean said
.
Unfortunately, these changes don't go far enough, and so far they only apply to Five banks ... but it's a good start . . .

.
Fingers crossed that the OBSI Ombudsman's findings will soon be made Binding on the Banks, and more FIs are added to the list of those involved.

    Dean

  

Surprisingly BMO, CIBC and Simplii not there ( or National Bank ) . I guess customers who don't get adequately served by bank's own ombudsman will have to go to a banking industry owned ombudsman.

Canada really needs a government body who will serve as ultimate ombudsman for all financial institutions, especially with all the neobanks popping up that have zero avenues for appeal, such as Wise and Wealthsimple. AFAIK there is no one external to appeal to for Wealthsimple for their banking operations, just avenues for appeal for their brokerage applications.

November 9, 2024
2:57 pm
Doug
British Columbia, Canada
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Briguy said

Surprisingly BMO, CIBC and Simplii not there ( or National Bank ) . I guess customers who don't get adequately served by bank's own ombudsman will have to go to a banking industry owned ombudsman.

Canada really needs a government body who will serve as ultimate ombudsman for all financial institutions, especially with all the neobanks popping up that have zero avenues for appeal, such as Wise and Wealthsimple. AFAIK there is no one external to appeal to for Wealthsimple for their banking operations, just avenues for appeal for their brokerage applications.  

BMO and CIBC never used ADR Chambers as a banking ombudsperson (they never switched from OBSI).

I'm not so sure this is a positive change. OBSI was needlessly bureaucratic, bloated, and took too long relative to ADR Chambers to resolve complaints.

Cheers,
Doug

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