OBSI no longer external ombudsman for Tangerine Bank and Scotiabank | Tangerine Bank | Discussion forum

Some people may or may not have already seen this announcement, but on September 10th, 2018, Scotiabank announced that effective November 1st, 2018, the Ombudsman for Banking Services and Investments ("OBSI") would no longer serve as the external ombudsman/dispute resolution body for both Tangerine Bank and The Bank of Nova Scotia, including its federally-regulated bank, trust, and loan company subsidiaries, and ADR Chambers Banking Ombudsman would be the new external ombudsman/dispute resolution body, joining The Toronto-Dominion Bank and Royal Bank of Canada.

Details were not provided on the reason for the change, but they do note that they aim to streamline the complaint resolution process and speed up resolution times. Costs could be an issue, but they don't state that. That makes me wonder if maybe OBSI is too bloated, bureaucratic, and inefficient, or if Scotiabank feels that is decisions aren't in its favour often enough, or if it's come combination of the above?

Details here: http://www.scotiabank.com/corp.....anguage=en

OBSI will, however, continue to serve as the external dispute resolution body for investment-related subsidiaries (i.e., IIROC- and MFDA-regulated distribution entities, investment management firms, etc.), such as Scotia Securities Inc. ("mutual fund dealer"), Scotia Capital Inc. (including Scotia iTRADE, Scotia McLeod, etc.), 1832 Asset Management L.P. (formerly Scotiabank Global Asset Management), and Tangerine Investment Funds. This could because ADR Chambers Banking Ombudsman may only be approved as a dispute resolution body for banking-related activities.

Cheers,
Doug