Ombudsman receiving calls from customers of RBC and TD who say they are being turned away
Allowing banks to choose their own dispute resolution mechanism “a giant step backward for consumer protection”
A recent decision in a proposed class-action lawsuit highlights the courts’ skepticism with the efficacy of the financial services industry’s dispute-resolution mechanism.
Regulators appear to be close to addressing a few of the concerns relating to the financial services industry’s ombudservice
Without either industry or government support non-profit organization “cannot hope to survive”
Search is underway for an independent chairman
Co-operation from certain firms is lacking
Flaherty urged to make OBSI the sole provider of dispute resolution for client complaints, and to make OBSI recommendations binding
Binding decisions will lead to additional steps, such as appeals, and result in a longer and more complex dispute resolution process