Thank you, Mr. Chair.
Thank you to the witnesses.
I have a few questions just arising from your report, “Bank Complaint Handling Procedures”. I note that page 15 of the report notes that of the four steps in terms of escalating complaints, in the first step, which is really the first point of contact typically in a financial institution, 90% of complainants are not satisfied with the resolution, or, where it's not resolved, don't advance it any further. That seems awfully high.
Why do you think that is? Your report suggests that “it is not straightforward or easy for consumers to escalate complaints.” Could you elaborate on exactly what the issues are, because that seems very high?