Read more: Investment complaints to OBSI up 24% as part of record high
Earlier this month, the CSA announced it’s developing a proposal that “contemplates” giving the Ombudsman for Banking Services and Investments (OBSI) the ability to issue binding awards. That proposal will be released for public comment in the coming year.
New arguments in favour of a single ombuds service with binding authority also came in June and September, as the findings of independent reviews conducted by Professor Poonam Puri of OBSI and ADR Chambers Banking Ombuds Office were made public.
Jean-Paul Bureaud, Executive Director, FAIR Canada, said, “We fully support binding decisions and, given OBSI’s long track record of serving the public interest, it should be selected as the sole complaint-handling service for banking and investment complaints.”
“It’s time for governments and regulators to act on these recommendations and address the serious shortcomings in the current system,” Bureaud added.
