Business Guard dog discovers drawbacks with how Canada's most significant...

Guard dog discovers drawbacks with how Canada’s most significant banks manage customer problems

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For its complaint-handling assessment, the FCAC had a look at the treatments of the Bank of Montreal, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, National Bank of Canada, the Royal Bank of Canada and the Toronto-Dominion Bank, which represented 82 percent of intensified grievances reported to the business over the past 2 years.

Concerns around the external-body system were reignited in 2018, when the Bank of Nova Scotia revealed it had really chosen to sign up with Royal Bank of Canada and Toronto-Dominion Bank in changing from the not-for-profit Ombudsman for Banking Providers and Investments to the for-profit ADR Chambers Banking Ombuds Office.

OBSI ombudsman Sarah Bradley stated in a news release that they “share FCAC’s issues about whether the existing system of competitors between ECBs in Canada advantages customers,” and restated their office’s require a single ombudsman for retail bank clients.

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