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
Grace McSorley will take over from Brigitte Boutin, who retired from OBSI in March, in July
The regulatory committee aims to look at recommendations for giving OBSI binding powers
The dispute-resolution service says in its new strategic plan that it wants to implement a new approach to enforcing compensation recommendations
Although the dispute-resolution service supports most of an independent reviewer’s recommendations, it rejects a couple of big ones