Note: The following content was extracted from the online version of the Canadian Consumer Handbook
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- Navigate this page:
- Step 1: Local level
- Step 3: Third-party review
- Step 4: Provincial regulator (optional)
- Tips for Making a Complaint
- Securities Commissions
- Financial Consumer Agency of Canada (FCAC)
- Ombudsman for Banking Services and Investments (OBSI)
17. Financial ServicesIf you have a complaint or a problem with a financial institution under federal responsibility, please follow the steps below, given by the Financial Consumer Agency of Canada (FCAC). The steps must be followed in order, and you should take notes during each step of the process so that you have a record of your conversations and progress in case you are asked. All banks, and all trust, loan and insurance companies, and retail associations that fall under federal responsibility (or that are incorporated at the federal level) must have a complaint-handling process in place for individuals and small businesses. This process details how a customer may make a complaint, and it must be available in all branches of the institution, on its website, and must be sent in writing to anyone who requests it. For more detailed information on your own financial institution’s complaint-handling process contact the FCAC. Step 1: Local levelFirst, try to resolve your problem by dealing directly with the manager or customer service representative of your financial institution. This would involve speaking with branch staff or the branch’s local representative, or someone at their call centre. Step 2: Senior level and/or internal ombudspersonIf following Step 1 does not resolve your complaint, you can ask to be referred to a senior staff member, a customer care group or an internal ombudsperson — the person in charge of investigating complaints from consumers. Step 3: Third-party reviewIf you are not satisfied with the solution proposed after Step 2, in most cases, you can have your complaint reviewed by an independent third party, also called an external ombudsperson. The table below gives you the contact details of some of the major third party complaint review services in Canada’s financial services sector. Who you contact will depend on the type of business you have been dealing with.
Step 4: Provincial regulator (optional)In some cases, depending on the type of financial institution you are dealing with, or the type of complaint you have, you can also contact your provincial regulator. Examples of financial services providers that are regulated by provincial regulators include investment dealers, credit unions, caisses populaires and mortgage brokers. In addition, life and health insurance companies, as well as general insurance companies (e.g., home and auto) are regulated by provincial regulators for market conduct matters. Please find below a list of regulators in your province or territory. Tips for Making a Complaint:
Mutual Fund Dealers Association of Canada Investment Industry Regulatory Organization of Canada Note: The complaint-handling process is a less expensive alternative than going to court to have your complaint resolved. However, if you decide to go to court, you can no longer follow the complaint-handling process described in this document. Securities CommissionsEvery province has a securities commission to administer and enforce securities legislation. Securities include stocks, bonds and mutual funds. The commissions' mandates include protecting investors from unfair, improper and fraudulent practices. Consumers may complain to the commissions. Given the confidential nature of the complaint, some commissions request that complaints be sent in hard copy rather than electronically. Contacts for Financial Services Financial Consumer Agency of Canada (FCAC)6th Floor 427 Laurier Avenue West Ottawa, Ontario K1R 1B9 Telephone: 613-996-5454 Toll Free: 1-866-461-3222 Toll Free 2: 1-866-914-6097 Toll Free 3: 1-866-814-2224 Phone (TTY): 613-947-7771 Fax: 613-941-1436 Email: info@fcac-acfc.gc.ca Website: www.fcac-acfc.gc.ca Ombudsman for Banking Services and Investments (OBSI)PO Box 896 Station Adelaide Toronto, Ontario M5C 2K3 Toll Free: 1-888-451-4519 Fax: 1-888-422-2865 Email: ombudsman@obsi.ca Website: www.obsi.ca Ombudservice for Life and Health Insurance (OLHI) (formerly Canadian Life and Health Insurance OmbudService)401 Bay Street PO Box 7
Toronto, Ontario M5H 2Y4 Toll Free: 1-800-268-8099 (English Only) Website: www.olhi.ca
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