The recent announcement that another major Canadian bank is withdrawing from the national banking ombudsman service in favour of a private dispute resolution service for customer banking complaints raises interesting questions about independence and impartiality.
In September, the Ombudsman for Banking Services and Investments (OBSI) confirmed that Bank of Nova Scotia will no longer use the service for banking complaints as of November 1. Instead, it will join Royal Bank of Canada and Toronto-Dominion Bank in using ADR Chambers Banking Ombuds Office (ADRBO) to resolve complaints, the Globe and Mail reported.
Scotiabank will still use OBSI for investment disputes, . . . [more]