Canada's Ombudsman for Banking Services and Investments says it responded to a record high of more than 10,000 public inquiries in 2022, and the number of fraud complaints rose dramatically year-over-year.
a record high of more than 10,000 public inquiries in 2022OBSI is a national and independent not-for-profit that deals with disputes between people and financial services. In its 2022 annual report, OBSI recorded a 40 per cent increase in public inquiries year-over-year. OBSI says the jump was mainly driven by banking complaints—which rose 56 per cent compared to 2021—while investment complaints increased by eight per cent.
Bradley says on top of economic pressures brought on by the COVID-19 pandemic, changes last year to financial consumer protections laws have also led to more complaints being brought to and addressed through the system. Nineteen per cent of all banking complaints were about service issues, while credit card chargebacks made up seven per cent of all banking cases. OBSI adds complaints about interest rates increased from nine cases in 2021 to 26 cases last year.
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