Complaints About OBSI

OBSI has signed a Memorandum of Understanding (MOU) with the Canadian Securities Administrators (CSA) that provides for securities regulatory oversight of OBSI as well as a framework for cooperation and communication. The oversight framework provides standards for OBSI to meet with respect to:

• governance,
• independence and standard of fairness,
• processes to perform functions on a timely and fair basis,
• fees and costs,
• resources,
• accessibility,
• systems and controls,
• core methodologies for dispute resolution,
• transparency in respect of material changes to OBSI's operations or services, including material changes to its terms of reference or by-laws, and
• information sharing with the CSA, including regarding issues that appear to affect multiple clients of one or more firms.

A Joint Regulators Committee (JRC) has been established, which includes representatives of the CSA's designates (Alberta Securities Commission, British Columbia Securities Commission, Autorité des marchés financiers, and Ontario Securities Commissions), and CIRO (the Canadian Investment Regulatory Organization - formerly the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada). OBSI meets with the JRC on a regular basis to discuss governance and operational matters, as well as significant issues that could impact the effectiveness of the dispute-resolution system.

The full list of requirements can be found in the MOU here.

OBSI is the approved External Complaints Body (ECB) for banking complaints under the Bank Act and is overseen by the Financial Consumer Agency of Canada (FCAC). As such, OBSI must comply with various requirements, including:

• operating with the standards of good character and integrity,
• making our services available in French and English,
• offering our services free of charge to consumers who make a complaint,
• accepting any bank that requests membership as a member,
• making information available to consumers about their rights and responsibilities in relation to external complaints handling, responding to their inquiries and requests for information, and offering them assistance in making a complaint,
• providing our decision about any part of a complaint that falls outside of our mandate within 30 days of receiving the complaint,
• impartially dealing with complaints,
• providing our conclusions in writing within 120 days of receiving all of the required complaint information,
• making a summary of the final recommendation available on our website 90 days after making a final recommendation,
• consulting at least annually with banks and consumers for the purpose of raising concerns about OBSI, and
• submitting an annual report to the FCAC Commissioner and making the report public.

The full list of requirements can be found in the Bank Act section 627.49 here.