Stop Banks From Choosing Their Own Referee!

Stop Banks From Choosing Their Own Referee!

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When people have a disagreement with their bank, they can find themselves in the unfair position of having this disagreement resolved by decision makers hand picked by their bank. This is the situation that Canadian bank customers are in today.  The Canadian government’s policy allows banks to choose their own dispute resolution service. By giving banks this choice, dispute resolution services are forced to compete to attract the banks’ business. The result is a race to the bottom for consumer protection. And not surprisingly the big banks are choosing the organization that settles issues more often in their favour ...

When people have a disagreement with their bank, they can find themselves in the unfair position of having this disagreement resolved by decision makers hand picked by their bank. This is the situation that Canadian bank customers are in today.  The Canadian government’s policy allows banks to choose their own dispute resolution service. By giving banks this choice, dispute resolution services are forced to compete to attract the banks’ business. The result is a race to the bottom for consumer protection. And not surprisingly the big banks are choosing the organization that settles issues more often in their favour.

 

Bank customers deserve and require access to an unbiased resolution process when they have a dispute with their bank. The federal government needs to do a better job protecting bank customers by mandating a single impartial, non-profit external complaints body – one that is not motivated to favour the banks.

 

It’s time for the federal government to protect consumers and stop banks from choosing their own referee.

 

Email your decision-makers in the federal government today!

 

 

This campaign has been approved by:

FAIR (Canadian Foundation for Advancement of Investor Rights)

CCC (Consumers Council of Canada)

CARP (Canadian Association of Retired Persons)

 

 

 

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