But what’s behind the majority of these disputes?
The latest figures released by the Ombudsman for Banking Services and Investments (OBSI) showed an increase in the overall number of financial complaints for the first three quarters of the year, up by 11% to 547.
The rise in the complaint volume was due to the 30% increase in banking disputes. According to the ombudsman, there were 285 banking cases opened in the first three quarters of the year, up from 219 cases recorded during the same period in the previous year.
However, there was a slump in the number of complaints relating to investments, down 4.5% to 262 cases. This is compared to the 274 cases of investment complaints recorded during the same period last year.
In terms of region, complaint volumes grew by 19% in the Prairie Provinces, up from 76 to 91. Ontario saw an 18% surge in complaints to 294 cases. Atlantic Canada's complaints also increased to 23. Bucking the trend is Quebec, with cases declining by 10% to 56.
Meanwhile, looking at the nature of investment complaints, only complaints around mutual fund fee disclosures increased, from 15 to 20 cases.
OBSI said it has been attempting to reduce delays in the complaints process.
"We’ve already seen real improvements thanks to everyone’s efforts. In fact, our average number of delay days per case – a measurement we use to track the time we are prevented from investigating in a reasonably efficient way – have been reduced by roughly 50% since 2016," OBSI said.
For more of Wealth Professional's latest industry news, click here.
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The rise in the complaint volume was due to the 30% increase in banking disputes. According to the ombudsman, there were 285 banking cases opened in the first three quarters of the year, up from 219 cases recorded during the same period in the previous year.
However, there was a slump in the number of complaints relating to investments, down 4.5% to 262 cases. This is compared to the 274 cases of investment complaints recorded during the same period last year.
In terms of region, complaint volumes grew by 19% in the Prairie Provinces, up from 76 to 91. Ontario saw an 18% surge in complaints to 294 cases. Atlantic Canada's complaints also increased to 23. Bucking the trend is Quebec, with cases declining by 10% to 56.
Meanwhile, looking at the nature of investment complaints, only complaints around mutual fund fee disclosures increased, from 15 to 20 cases.
OBSI said it has been attempting to reduce delays in the complaints process.
"We’ve already seen real improvements thanks to everyone’s efforts. In fact, our average number of delay days per case – a measurement we use to track the time we are prevented from investigating in a reasonably efficient way – have been reduced by roughly 50% since 2016," OBSI said.
For more of Wealth Professional's latest industry news, click here.
Related stories:
How the lack of OBSI authority is hurting investors
Financial management firm refuses to pay investor, disobeys OBSI
