I have to pick fault with FAIR again, who, it would appear, does not understand the importance of a financial ombudsman that is pro neither side of the equation.
In a recent comment on its website, Fair said the following:
FAIR Canada is of the view that a pro-consumer framework would have been created had Finance mandated OBSI as the sole dispute resolution provider for financial institutions or had it had created a single statutory ombudsman for financial services. However, Finance chose not to do so, and appears to be proceeding with a system that endorses multiple ECBs. The Proposed Regulations do represent progress in that they set standards for external dispute resolution services for banks that have left OBSI where no such standards existed previously, and they provide for government oversight of ECBs.
However, FAIR Canada is concerned that the direction being taken in permitting multiple ECBs creates a pro-bank system and is far less optimal than mandating participation in OBSI or having one independent statutory bank ombudsman.
Painting the argument for an independent statutory body that is pro the consumer is putting an argument against such a body in the hands of the powerful financial institutions.
This is dangerous talk.
That what we are about to have is pro business, is a shocking transgression against rationale integrity and a testament to the complete lack of respect for the rights of ordinary individuals who have voted so that their rights can be respected and protected. Millions did not die against Nazi oppression in the Second World War, and countless thousands have not lost their lives in subsequent conflict to defend this regime.
We want an ombudsman with independence and impartiality that has independence and statutory power to decide on what is fair and to provide and enforce restitution in cases where it is not.