How to file a complaint with your financial institution

If you have a problem with a federally regulated financial institution, you have the right to file a complaint. You can do so by using its complaint-handling process. Find out if your financial institution is federally regulated. Find the complaint-handling process for your financial institution. Below is an example of the steps you may follow when filing a complaint with your financial institution.

Step 1: speaking to a representative

Ask a representative of your financial institution to assist you with your complaint. This can be someone from its branch, its call centre or its online chat function. Make sure you have all the complaint details with you when you speak to the representative. Explain the problem and provide any supporting details. If you’re satisfied with the resolution they offer, you don’t need to continue to the next steps. If you’re not satisfied with the resolution, ask your financial institution to refer your complaint to the next step in their process. The Financial Consumer Agency of Canada (FCAC) expects banks (including federal credit unions) and authorized foreign banks to deal with your complaint in a timely manner. This means that if the representative hasn’t resolved or closed your complaint within 14 days, they should refer your complaint to an employee who is designated to deal with complaints. If the bank closes your complaint within 14 days and you’re not satisfied, you have the right to escalate it to the next step in the bank’s process.

Step 2: dealing with your financial institution's complaint-handling department

• they don’t resolve your complaint to your satisfaction within 56 days of receiving it
• they close your file and you’re not satisfied with the resolution they offer

Your complaint may be with a federally regulated trust and loan or insurance company. In that case, if it hasn’t been resolved within 90 days after step 2, you can go to step 3.

Step 3: escalating your complaint to an external organization

If your complaint isn’t resolved to your satisfaction after steps 1 and 2, you can escalate it to an external organization. If you’re dealing with a bank, you can take your complaint to the ECB it is a member of. If you’re dealing with a trust and loan or insurance company, you can take it to the independent complaint-handling organization it is a member of.

Banks and authorized foreign banks must be a member of one of the following two ECBs:

• Ombudsman for Banking Services and Investments (OBSI)
• ADR Chambers Banking Ombuds Office (ADRBO)