NLIS 7
December 8, 2004
(Government Services)
 

The following statement was issued today by Dianne Whalen, Minister of Government Services. It was also read in the House of Assembly:

I rise today to inform this house that my department will begin using the Canadian Financial Services Ombudsnetwork as part of its consumer complaint system starting in the new year.

This network is another tool in solving complaints consumers may have with financial service providers. It will enable us to deal with complaints more quickly, and it provides another avenue for consumers to have their complaints heard without having to go to court.

A joint forum of financial market regulators has worked with the insurance, securities and banking industries over the past few years to create this network. My department is a member of the steering committee.

The first step in the process is for the consumer to try to resolve their complaint with the company. If the consumer is still not satisfied, the complaint can then be referred to the Ombudsnetwork.

The network has the ability to ask the company to provide redress to the consumer if it�s determined the company acted improperly. The company is not bound by the suggested course of action. However, the network will publish the name of any company not complying with its request.

My department will continue to deal with complaints involving violations of our legislation and regulations. The network is just another tool we have in assisting consumers in resolving their complaint.

I believe this network will be a valuable mechanism for consumers in dealing with complaints they may have in the financial services sector.

2004 12 08                                2:15 p.m.