The federal government is putting Canada’s banks back under an independent dispute resolution body three of them left years ago
The federal government is forcing Canada’s big banks to take unresolved customer complaints to a single independent dispute-resolution body — one that three of the country’s largest financial institutions have stopped using over the years as a result of disagreements over how it dealt with complaints.
“FAIR Canada and other consumer groups have repeatedly pointed out how Canada’s approach to banking complaints fell short of international standards and best practice,” said Jean-Paul Bureaud, executive director of the investor advocate.In a news release, the investor advocates said the lack of binding authority for OBSI “means that some investment firms simply ignore its recommendations for resolving investor complaints in a fair and impartial manner.
Royal Bank of Canada and Toronto-Dominion Bank withdrew from OBSI in 2008 and 2011 after complaining about a number of issues, including the methodology used to determine compensation recommendations. Among the arguments was that the dispute resolution body should not be awarding compensation based on hindsight and its own choices about where and how money could have been better invested.
Information published by ADR Chambers Banking Ombuds Office in 2015 showed that more than three-quarters of client complaints against the country’s two largest banks, Royal Bank and TD, in the prior year had been resolved predominantly in favour of the financial institutions. “This decision validates our ongoing efforts to provide consumers and financial services firms with an effective process for addressing their disputes and to offer a world-class complaint resolution service that all Canadians can have confidence in,” she said.
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