An independent evaluation of the ADR Chambers Banking Ombuds office (ADRBO)

TORONTO, Sept. 01, 2022 (GLOBE NEWSWIRE) -- "An independent evaluation of the ADR Chambers Banking Ombuds Office ("ADRBO") was recently completed. The independent evaluator was asked to determine whether ADRBO is performing its functions and activities properly in accordance with its Terms of Reference ("TORs") and relevant legislation.

ADRBO is extremely pleased with the results of the report prepared by the very well respected independent third-party evaluators, Poonam Puri and Dina Milivojevic.

The evaluators confirmed that ADRBO complied with all of its legislative and regulatory requirements. The evaluators also confirmed that ADRBO complied with its TORs and Financial Consumer Agency of Canada ("FCAC") guidance, and acknowledged that ADRBO had made numerous improvements to its policies and processes in response to the FCAC's February 2020 Industry Report. The evaluators made a number of recommendations for continuous and ongoing improvement, and ADRBO agrees with and supports these recommendations.

ADRBO was also pleased to see that the evaluators appreciated the skill, experience and fairness of the ADRBO investigators, and concluded that there was no evidence that ADRBO's structure or operations resulted in any favouritism towards banks.

ADRBO continues to be dedicated to ensuring that consumers are being treated fairly by banks, and by providing fair and independent assessments of complaints raised by consumers against the banks.

ADRBO recognizes and appreciates that ECB work will soon be transitioning to a single, not-for-profit ECB for banking complaints. ADRBO looks forward to having a fair, transparent, objective and externally-reviewed process for selecting the new not-for-profit ECB, with an opportunity for all interested potential not-for-profit ECBs to submit proposals to be selected to do the ECB work. ADRBO looks forward to receiving further information from the Government as to which external, independent Fairness Monitor will be selected to review proposals from potential ECBs and apply the objective criteria to ensure that the best and most-capable not-for-profit ECB will be selected to best serve Canadian consumers."

ADR Chambers?Banking Ombuds Office (ADRBO) /
ADR Chambers?Bureau de l'Ombudsman des services bancaires (ADRBO)
P.O. Box 1006 / Case Postale 1006
31 Adelaide Street East / 31, rue Adelaide Est
Toronto ON  M5C 2K4
Toll-Free Telephone / Téléphone sans-frais: 1-800-941-3655
Toll-Free Fax / Télécopieur sans-frais: 1-877-803-5127
Website / Site internet: www.bankingombuds.ca / www.servicesbancaires.ca
Email/Courriel:  [email protected] / [email protected]