THE CANADIAN BANKING OMBUDSMAN WORKS FOR CLIENTS OF THE BANKS ... FALSE
The CBO (later called OBSI Ombudsman for Banking Services and
Investments)
looks good on paper. The Federal
Government supports and recommends it. The brochure says it offers
"resolution services for clients of any firm". It claims it "works
on behalf of clients". In fact:
- The Ombudsman is a child of the Banks themselves ... it is not
an independent government entity.
- Although it may work for clients once it STARTS work ... it
will not start work until told to do so by the Bank
concerned.
- It will not start work at the request of a client.
- It has no power to force a Bank to respond to the client.
- It cannot force the Bank to abide by the Bank's own dispute
process ... which is a necessary pre-amble to the Bank asking the
Ombudsman to take over.
For an How-To manual for using the OBSI read this PDF. The Ombudsman is a sham: a sham supported by Government. Complain to
the
- Secretary of State (International Financial Institutions)
- Department of Finance (Financial Institutions &
Markets)
- Senate Committee on Banking, Trade and Commerce.
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