BANKS TO HAVE THEIR COMPLAINT RESOLUTION PROCESS REVIEWED

Nov 22, 2018

By Michael Kramer

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Canada’s financial consumer overseer has been given the go-ahead to review the complaints resolution processes at Canadian banks.

The federal government announced yesterday that the Financial Consumer Agency of Canada will conduct the review by next year – saying Canadians deserve access to a “fair and impartial” dispute resolution process.

An agency spokesman says the review is still in the planning stages – but it will analyze accessibility, timeliness and effectiveness of the complaint-handling processes inside the banks – as well as at external complaint bodies.

It said in a report in March that it had found many instances of “inadequate” complaint investigations – and urged banks to improve their oversight, management and reporting of consumer complaints.

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