Canada Govt Unveils New Rules Governing Bank-Complaint Arbiters
By Paul Vieira       OTTAWA--The Canadian government said
Wednesday it has released new rules governing third-party
agencies that handle consumer complaints against federally
regulated banks.      The new rules won't compel banks to use a
specific third-party agency, such as the independent Ombudsman
for Banking Services and Investments, or OBSI, which is based in
Toronto. Banks can use any arbitration service so long as it
meets specific criteria established by the Canadian government
and enforced by the Financial Consumer Agency of Canada.
The new measures include tougher standards governing
independence and accountability; a requirement to publicly
report complaints received and ensuing probes; and a requirement
to resolve complaints within 120 days, as opposed to the
previous 180-day time period.      The Financial Consumer Agency
of Canada, another government body, will act as a supervisor
over bank arbiters to ensure they abid