New changes are coming into effect that aim to protect bank customers in the event of a scam or address other bank-related issues.
Starting Nov. 1, Canada’s major banks will have to answer to the Ombudsman for Banking Services and Investments (OBSI) if there is a problem the bank can’t resolve. These banks include the Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Bank of Nova Scotia (Scotiabank) and Tangerine.
“We are free of charge, independent of the banks, we understand the banking system and we understand regulations that are in place. We are here to make sure banks are treating their customers fairly,” said OBSI’s Ombudsman and CEO Sarah Bradley.
Until now, some of Canada’s largest banks used their own third-party ombudsman services to deal with complaints, which has been criticized as self serving and unfair.
The changes come at a time when scams are rampant and …