We strongly support the principle behind stated Best Practice #7, that there should only be one EDR body for a particular financial services sector. We would take it a step further to note that there should be further consolidation of EDRs amongst various sectors as it would be a net benefit to the industry, but most importantly alleviate financial consumer confusion. Competition amongst EDR bodies results in a race to the bottom and a net detriment to the financial services consumer/complainant and broader ecosystem.
Overview of the Council’s Comments:
We support efforts to continue to move the discussion forward with respect to reviewing dispute resolution and complaint handling processes. The broader framework of our Canadian financial ecosystem demands that we ensure this process is consumer-friendly, efficient and transparent. We also would encourage FSRA and other organizations to further harmonize requirements and work in this area.