Regulator says the percentage of complaints upheld during the second half of 2011 rose to 60%
Ombudsman receiving calls from customers of RBC and TD who say they are being turned away
Allowing banks to choose their own dispute resolution mechanism “a giant step backward for consumer protection”
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