National financial services ombudsman launched

All major sector players operating in the Canadian financial services environment — from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds — have co-founded a new national consumer ombudsman office.

The National Financial Services OmbudService (NFSO), to be officially opened from July this year, will handle consumer complaints across the financial services listed above. The launch of the NFSO comes after the recent legislative passing of federal Bill C-8. The initial discussion document issued by the Finance Minister’s office with regard to the development of Bill C-8 had called for the creation of a national financial services ombudsman under the mantle of the federal government, which therefore would have had binding, decision-making powers.

The NFSO has been endorsed by the Joint Forum of Financial Market Regulators (JFFMR), the Canadian Council of Insurance Regulators (CCIR), the Canadian Association of Pension Supervisory Authorities (CAPSA), and the Canadian Securities Administrators (CSA). Consumers will be able to access the NFSO through a single, countrywide, toll-free phone number as well as a website.