The Canadian Foundation for Advancement of Investor Rights (FAIR), a non-profit watchdog for shareholders and individual investors, says that banks in Canada should not be allowed to choose and hire their own external dispute resolution provider. FAIR recently stated its support for the standards and principles set by the International Ombudsman Association and other non-governmental and professional organizations.
In FAIR's view, some banks' external dispute resolution providers fail to meet the key, basic principle of independence. FAIR criticized two banks in particular: Royal Bank and TD Bank, which have hired ADR Chambers Banking Ombuds Office to provide external dispute resolution services. (FAIR News.)
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