Back to SearchToronto, January 20, 2022 – With the start of the new year, the Ombudsman for Banking Services and Investments (OBSI) welcomed credit unions from across British Columbia as participating firms, joining Alberta and Saskatchewan credit unions who have offered OBSI services to their members since the mid-2000s.
“We are pleased to have this opportunity to work with BC credit unions and their members, and to play an important role in helping them to resolve issues and move constructively past any disputes that may arise,” said Sarah Bradley, Ombudsman and CEO, OBSI. “We have a strong history of working with the credit unions of Alberta and Saskatchewan and see the addition of BC credit unions as a very positive step towards our goal of offering fair effective and trusted dispute resolution services to consumers and firms across Canada.”
With the addition of more than 35 BC credit unions, OBSI now offers services to approximately 100 credit unions from across Canada.
BC credit unions are joining OBSI in part to demonstrate their commitment to the important consumer protection provisions of the voluntary national market code of conduct for credit unions and new provisions in BC’s Financial Institutions Act, that require BC’s credit unions to be members of a prescribed organization that resolves disputes.
“We would like to thank the Canadian Credit Union Association (CCUA) for its leadership and support in helping to move this process forward and the BC credit unions who have entrusted OBSI with providing these vital services to their members,” said Ms. Bradley. “We look forward to working more closely with them, the CCUA and British Columbia’s Financial Services Authority, as we resolve disputes and ensure fair outcomes for both credit unions and their members in the province.”
Most BC credit unions have joined OBSI effective January 2022, and all are expected to become participating firms no later than June 2022.
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Canada’s Ombudsman for Banking Services and Investments (OBSI) is a national, independent and not-for-profit organization that helps resolve and reduce disputes between consumers and financial services firms in both official languages. OBSI is responsive to consumer inquiries, conducts fair and accessible investigations of unresolved disputes, and shares its knowledge and expertise with the stakeholders and the public. If a consumer has a complaint against an OBSI participating bank or investment firm that they are not able to resolve with the bank or firm, OBSI will investigate at no cost to the consumer. Where a complaint has merit, OBSI may recommend compensation up to a maximum of $350,000.
For more information, contact:
Mark Wright, Director, Communications and Stakeholder Relations
416-287-2877 ext.2225
publicaffairs@obsi.ca
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