New Changes Now In Place When Making Complaints At Some Banks | General financial discussion | Discussion forum

Dean said
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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 . . .

CTV Article Link ➡ https://toronto.ctvnews.ca/new-changes-come-into-effect-to-handle-canadian-banking-complaints-1.7094675

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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

  

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.