Regulators appear to be close to addressing a few of the concerns relating to the financial services industry’s ombudservice
Without either industry or government support non-profit organization “cannot hope to survive”
Search is underway for an independent chairman
Portfolio managers’ obligation to provide independent dispute resolution services must be met by Sept. 28
Co-operation from certain firms is lacking
Flaherty urged to make OBSI the sole provider of dispute resolution for client complaints, and to make OBSI recommendations binding
Binding decisions will lead to additional steps, such as appeals, and result in a longer and more complex dispute resolution process
Dispute resolution system should not be allowed to become further fragmented
Move is expected to reduce average response times for banking customers’ concerns
Changes would explicitly identify directors as either pubic or industry