Thank you, Madam Chair.
This amendment makes determinations made by the Ombudsman for Banking Services and Investments binding. This is a recommendation in the written submission from Democracy Watch. OBSI is the body corporate designed, under section 627.48 of the Bank Act, as an external complaints body with respect to disputes between banking services and investment firms and their customers.
In the 2021 Liberal campaign platform, the Liberals committed to establishing “a single, independent ombudsperson for handling consumer complaints involving banks, with the power to impose binding arbitration.” I think this is consistent with policy the government has campaigned on. It will also strengthen protection for consumers of the banking system in Canada.