Fines levied against reps last year soared to $7.9 million from $938,000 in 2021
Proposals include increasing the limit on claims and publishing arbitration decisions
Review considers doing away with dedicated directors, alternate input mechanisms
Binding authority, single banking complaint body demanded
Regulators say proposal will be published in the coming year
It remains up to regulators to act on long-standing recommendation
Investor advocates want even stricter rules, but industry groups raise concerns about timing and jurisdiction
Budget promises examination of digitalization, single complaint-handling body
American SRO proposes rule to accelerate resolutions for vulnerable investors
Consumer groups call on Freeland to designate OBSI as binding bank ombud