Ombudsman Report

The Office of the Ombudsman is an independent function within the Bank that works closely to address and resolve escalated client concerns. The mandate is to review unresolved complaints involving the Bank and to settle disputes fairly through an independent thorough investigation. Recommendations are non-binding and parties are free to pursue other avenues if a settlement is not reached.

You can download a PDF version of the Ombudsman Report here.

Cases brought before the Ombudsman’s office allows the Bank to identify areas, policies, procedures, product and services where changes might be made. The Ombudsman communicates regularly with the Bank’s Senior Management team on the status of cases and to highlight opportunities for improvement.

Ombudsman Annual Report 2018

As observed from the chart below, there were no cases brought forward to the Ombudsman in 2018.





No. of Complaints

0 0

Cases Investigated by business Unit

0 0
Retail Banking Direct Deposits 0 1
Retail Banking Broker Deposits 0 0
Consumer Credit Loans/Mortgages Direct 0 0
Consumer Credit Loans/Mortgages Broker 0 0


0 0
Average Handling Time (Days) N/A N/A
Number of Ombudsman complaints escalated to the Ombudsman for Banking Services and Investments (OBSI)  0 0
Number of complaints that were resolved to the satisfaction of the person who made the complaint 0  
Complaints Pending Resolution 0 0


When a complaint is escalated to the Ombudsman, the Ombudsman will send an acknowledgement of receipt to the complainant and will conduct an independent investigation of the complaint. At the end of the investigation, the Ombudsman will provide a written response to the client outlining the investigation results and any recommended resolution. The Ombudsman will also make the complainant aware of the external Ombudsman services (e.g., Ombudsman for Banking Services and Investments “OBSI”).

If you have attempted to resolve your issue through the first two steps and your concern remains unresolved, you may contact the Zag Bank Ombudsman by mail at 1950-11 King Street West, Toronto, ON, M5H 4C7 or via secure email by logging into your account or by email at

Third-party review

In most cases, if your complaint has not been resolved to your satisfaction, you can have it reviewed by an external agency. Below is a list of the external agencies available to you.

Ombudsman for Banking Services and Investments (OBSI)

An independent Ombudsman has been appointed to resolve most disputes between participating financial institutions and their clients if they can’t solve them on their own, such as mishandled accounts, misleading information or inappropriate advice. If you are not satisfied with our Ombudsman’s response, you can refer your complaint to the OBSI. You can also contact the OBSI if you have waited more than 90 days for a resolution after elevating your concern (Step 2). You may contact the OBSI at 416-287-2877 or toll-free at 1-888-451-4519 or by mail to Ombudsman for Banking Services and Investments, 401 Bay St., Suite 1505, P.O. Box 5, Toronto, ON, M5H 2Y4 or through the OBSI Website at

Financial Consumer Agency of Canada (FCAC)

The FCAC supervises federally regulated financial institutions to ensure they comply with federal consumer protection laws. For example, financial institutions must provide consumers with information about fees, interest rates and complaint-handling procedures. If you have a complaint regarding a potential violation of consumer protection law, you may, at any time, contact the FCAC in writing to Financial Consumer Agency of Canada, 6th Floor, Enterprise Building, and 427 Laurier Avenue West, Ottawa, ON, K1R 1B9 or through its Website at Please note that the FCAC does not become involved in matters of rectification or compensation. All such requests must have followed the three-step process set out above.