Ottawa, ON
The Financial Consumer Agency of Canada (FCAC) supervises the compliance of banks, and the external complaints body for consumers' banking complaints, with requirements for complaint handling procedures established in legislation. The requirements include the obligation for the external complaints body to submit to an independent evaluation of its functions and activities, overseen by FCAC, every 5 years. These evaluations are conducted by an independent evaluator and follow terms of reference established in consultation with FCAC.
The external complaints body, the Ombudsman for Banking Services and Investments (OBSI), has published the most recent independent evaluation of its functions and activities.
The report notes OBSI has met regulatory requirements and has implemented improvements since the previous independent evaluation in 2021. It also recommends progressive improvements to the external complaints body's operations. FCAC will monitor OBSI's implementation of these recommendations.
Canadians' right to make a complaint through a financial institution's complaint-handling process is fundamental to maintaining trust in the financial system. Consumer protection is enhanced when Canadians have access to a fair, timely and accessible complaint-handling process that includes the right to use the external complaints body to address unresolved complaints with their banks.
Quick facts
- FCAC protects Canadians by supervising the compliance of federally regulated financial entities with their legislative obligations, codes of conduct and public commitments, and by strengthening Canadians' financial literacy.
- FCAC supervises the compliance of banks, and the external complaints body with requirements for complaint handling procedures established in the Bank Act, the Financial Consumer Agency of Canada Act and the Financial Consumer Protection Framework Regulations.
- OBSI is independent from banks and provides consumers with a free and impartial review of their complaints. All banks must be a member of the external complaints body.
- Consumers can ask OBSI to review their complaint if it was not resolved to their satisfaction through the bank's internal process, or if the bank has not closed or resolved the complaint within 56 days of receiving it, as required by legislation.
- FCAC's role is to oversee the compliance of regulated entities with their complaint-handling obligations. FCAC does not resolve individual consumer complaints or provide compensation to consumers.
- In June 2026, FCAC published a revised Guideline on Complaint-Handling Procedures for Banks and Authorized Foreign Banks. It reinforces FCAC's expectation that banks implement complaint handling processes that are effective, timely, and accessible.
