ADRBO advocates for continuous improvement in the resolution of banking complaints

TORONTO, Feb. 19, 2020 /CNW/ - Today ADR Chambers Banking Ombuds Office (ADRBO) was pleased to receive the Financial Consumer Agency of Canada's (FCAC) Industry Report. As an organization that exists to serve the public good, ADRBO is committed to ensuring the interests and rights of consumers are first and foremost. Every day it acts as a neutral external complaints body whose mandate is to achieve fair outcomes in short timeframes and at no cost to the consumer.

ADRBO would like to thank the FCAC for its work evaluating the operations of the external complaints bodies that it regulates. Throughout the process of the evaluation, ADRBO worked in collaboration with the FCAC and, in turn, they committed to providing specific recommendations for improvement. ADRBO will be working on implementing the recommendations of this report.

ADRBO understands that some procedural shortcomings exist and appreciates the FCAC's support and willingness to work to ensure that Canadian consumers continue to have a fair, transparent, and user-friendly process to have their complaints heard and investigated.

"In the increasingly complex world of modern banking, we can always do more to ensure that Canada is an international leader in consumer financial protection. Looking ahead, ADRBO commits that we will make the necessary changes to ensure Canadians continue to have access to an accessible, transparent, efficient, and fair process," said Ombudsman Britt Warlop. "We are taking important steps to strengthen our operations and we are putting in place an action plan to implement all of the FCAC's proposed improvements, some of which is already underway."

ADRBO agrees with its Federal partners that there is work to be done to strengthen the current external complaints system and this is a step in the right direction. There are always ways to do better and ADRBO will continue to make important improvements that will better promote and protect the best interests of Canadian banking consumers.

SOURCE ADR Chambers Banking Ombuds Office (ADRBO)

Britt Warlop, Ombudsman, ADR Chambers Banking Ombuds Office (ADRBO), [email protected]