The Ombudsman for Banking Services and Investments says most clients with a banking services complaint against one of OBSI’s participating firms will now be covered by a blanket tolling agreement.

A tolling agreement stops the clock on the limitation period while OBSI considers a client complaint.

Following consultations with stakeholders, OBSI says it will now be facilitating tolling agreements for all clients except those who live in Quebec, where the law does not permit such agreements.

The blanket agreement is an agreement signed by most banks and provided to OBSI that confirms a suspension of the limitations period for all complaints that come to OBSI. While each of these banks has signed a separate agreement, the text of each agreement is the same, OBSI notes.

“The limitation period will be suspended for complaints that fall under this agreement beginning on the date the participating firm receives the consent letter signed by the client and will end thirty days after OBSI mails our final findings letter to the client,” OBSI says.

Clients with any complaint not covered by the blanket agreement and who live outside of Quebec will be covered by a tolling agreement via clauses in OBSI’s consent letter.

The consent letter is a letter signed by clients that gives firms permission to share with OBSI personal information related to complaints so that we may investigate.

“The limitation period for complaints not covered by the blanket agreement will be suspended beginning on the date the firm signs a copy of the consent letter and will end thirty days after OBSI mails our final findings letter to the client, OBSI says.

IE