Designation of Canada’s single external complaints body for banking 

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Summary:

The Canadian government has designated the Ombudsman for Banking Services and Investments (OBSI) as the country's single external complaints body for banking, effective November 1, 2024. This move aims to address inefficiencies and complexities in the current multiple-ECB model and ensure a fair and impartial process for consumers. OBSI, a national and independent organization, will handle banking complaints and provide a external process for consumers who are not satisfied with the resolution of their disputes by banks. The transition will be monitored by the Financial Consumer Agency of Canada (FCAC) to ensure minimal impact on consumers.