Ombudsman Named Official Banking Complaints Body

Summary#

The government has designated the Ombudsman for Banking Services and Investments as the official external complaints body under the Bank Act. The designation takes effect on November 1, 2024.

What it does#

• Names the Ombudsman for Banking Services and Investments (an organization incorporated under the Canada Not-for-profit Corporations Act) as the external complaints body under the Bank Act.
• Notes the decision was made by the Minister of Finance on the recommendation of the Financial Consumer Agency of Canada.
• Sets the effective date as November 1, 2024.

Who's affected#

• Customers of federally regulated banks who want an independent body to review unresolved complaints.
• Federally regulated banks that must use the designated external complaints process under the Bank Act.
• The Ombudsman for Banking Services and Investments, which will act as the official external body.
• The Financial Consumer Agency of Canada, which recommended the designation.

Why it matters#

• It identifies a single, official organization for handling external complaints about banks covered by the Bank Act, which can make it clearer where consumers can go if they can’t resolve a problem with their bank.
• The November 1, 2024 start date gives banks, consumers, and the ombudsman time to prepare for the change.
• The notice itself is a formal, administrative step; it doesn’t describe changes to how the ombudsman will operate or the kinds of complaints it will accept.