Standing Senate Committee on National Finance (NFFN) (May 28, 2024
ISSUE: Move to a single External Complaints Body

Key points

• As of November 1, 2024, Canada will have a single External Complaints Body for banking.
• The Minister of Finance designated the Ombudsman for Banking Services and Investments (OBSI) as Canada’s single ECB for banking.
• The Minister based this decision on the recommendation of Financial Consumer Agency of Canada (FCAC)’s Commissioner.
• OBSI is a national, independent, not-for-profit organization that has been helping bank customers resolve disputes for over 25 years.
• The move to a single ECB will mean a simpler and more effective complaint-handling process for Canadians.
• One of FCAC’s role is to oversee the complaints-handling process at FRFIs and the monitor and supervise the ECB.