Death Knell for the National Banking Ombudsman?
The federal government has announced proposed regulations that will allow banks to opt out of a national customer ombudsman service in favour of private ADR services that they will choose and pay for.
This seems like a bad idea.
If banks can simply shop around for another ADR service provider whenever they are unhappy with the decisions of the current provider, how can consumers and small businesses have any confidence in the integrity and impartiality of decisions?
The Ombudsman for Banking Services and Investments (OBSI) currently has more than 600 participating firms including banks, credit unions, trust and loan companies, . . . [more]


