Step one: the internal complaint, in writing
Every federally regulated institution has an internal complaint process, usually escalating from frontline staff to a designated complaints office. Start there, in writing, and ask for a file reference and a written response.
State the facts, the provision or disclosure you say was breached, what you want, and a reasonable deadline. Requesting the specific contractual or policy basis for the institution's position is often the single most useful question you can ask.
Step two: the external complaints body
Once the internal process is exhausted — or a defined period has passed — you can escalate to the external complaints body for banking and investments. It reviews individual disputes at no cost to you and can recommend remedies within its mandate.
Eligibility rules and monetary limits apply, and business complaints can follow different rules than consumer complaints. Confirm eligibility before you rely on this route as your only option.
Where regulators fit
OSFI is the prudential regulator — it supervises institutional soundness, not your individual dispute. The FCAC oversees consumer-protection obligations and market conduct; it can act on compliance failures but is generally not your advocate in a one-off disagreement.
Understanding this saves months. If you want a decision in your matter, the external complaints body or a court is the venue; regulators are where systemic conduct concerns belong.
When a lawyer changes the outcome
Legal advice earns its cost where the amount is significant, where security or a personal guarantee is involved, where enforcement against assets has begun, or where a limitation period is approaching.
It is also decisive before you sign. Reviewing lending, security and guarantee documents in advance is far cheaper than contesting enforcement later — a guarantee in particular puts personal assets behind company debt and deliberately bypasses the protection of incorporating.
Frequently asked questions
- What's the first step in a banking dispute?
- A written complaint through the institution's internal process, requesting a written response, a file reference, and the specific contractual basis for its position.
- Does the external complaints body cost anything?
- No. It reviews individual banking and investment disputes at no cost once internal steps are complete, subject to eligibility rules and limits.
- Will OSFI or the FCAC decide my case?
- Generally no. OSFI is a prudential regulator and the FCAC oversees consumer-protection compliance. Individual decisions come from the complaints body or a court.
- Can a bank refuse to explain why it closed my account?
- Institutions are sometimes limited in what they can disclose. Request the decision and any reasons in writing, use the internal process, then escalate — and get advice if significant funds or a business are affected.
This guide is general information, not legal advice. Laws, costs, and procedures vary by state, province, and your specific situation — speak with a qualified banking & finance lawyer about your circumstances before acting.