The Ombudsman for Banking Services and Investments (OBSI) is extending a pilot program that gives dealers and other firms a way to get quick answers about the complaint handling process.
In November 2017, OBSI launched a pilot project to give firms an easy way to access information about complaint handling.
OBSI said Wednesday it is extending the pilot through the end of the second quarter.
The service provides firms with an easy way to ask questions about complaint handling via email or voicemail — whether a firm has a complaint with OBSI or not.
The questions are reviewed by senior staff on a daily basis and referred to an OBSI employee for an answer within 48 hours.
The service is designed to, “provide information about OBSI’s experiences and approach in order to help firms fairly and effectively resolve complaints,” the dispute resolution services says its Q1 2018 newsletter.
Common questions received so far concern OBSI’s complaint resolution timelines, and how OBSI determines whether to accept documented know-your client (KYC) investment parameters.
For instance, where there is a dispute over the information on a KYC form, OBSI “will assess the consumer’s risk tolerance and investment objectives based on the available evidence. In addition to considering the consumer’s personal and financial circumstances and their investment knowledge and experience, we will also consider when and how the KYC forms were completed and reviewed with the consumer, whether copies were provided to the consumer and whether the wording on the documents is clear and expressed in terms that the consumer was likely to understand.”