The dispute resolution service aims to reduce the time it takes to resolve investment and banking complaints
Giving OBSI the power to impose investor compensation decisions would empower retail investors to reject “low-ball” settlement offers
The service provides dealers with an easy way to ask questions about complaint handling
FAIR Canada and PIAC urges regulators to take action against investment firms that have repeatedly ignored their complaint handling obligations
Firms must ensure they make adequate disclosure regarding the use of internal ombudsmen
The site features improved usability, responsive design and a simplified complaint process for consumers
Handling complaints internally could harm clients by diverting them from using OBSI or the courts
Complaints regarding banking cases have jumped 30%, while the volume of investment industry complaints have slipped
Applications to the self-regulatory organization are due Oct. 15
Ombudsman service plans other improvements after surveying institutions