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Brief
On November 1, 2024, the Ombudsman for Banking Services and Investments (OBSI) assumed its responsibilities as Canada's single external complaints body (ECB) for federally regulated banks.
The Financial Consumer Agency of Canada (FCAC), which protects consumers of financial products and services by supervising federally regulated banks' compliance with their legal obligations, made this designation in October 2023 based on FCAC's recommendation.
As a result, all federally regulated banks must now be members of OBSI. Previously, Canadian banks could choose between two ECBs: OBSI or the ADR Chambers Banking Ombuds Office (ADRBO). The six Canadian banks that previously used ADRBO have transferred to OBSI.
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