Canadian Banking Industy - Transparency

[LC]

https://www.cbc.ca/news/business/woman-fights-bank-for-financial-records-1.4895631

 

OBSI is a non-profit, independent consumer dispute service started by the federal government in 1996. It now only investigates two of Canada's big banks — BMO and CIBC.

 

The three other big banks — Scotiabank, RBC and TD — jumped ship from OBSI and moved to ADR Chambers Banking Ombuds Office, a private company.

 

"We have a situation where essentially banks get to choose their referee," says Morris. "And they're consistently choosing the referee that investigates fewer complaints, that finds fewer of those complaints in favour of customers, and has less transparency about their findings."