The director will focus on consumer issues
Complaints about investment firms increased 12% year over year
Proposed rules may put OBSI in a position where it's viewed as having a regulatory function, a letter warns
Suitability remains the top issue
CSA will continue to monitor the industry’s approach to OBSI’s recommendations on investor compensation
Seniors make up 30% of the population, but account for 38% of the complaints made to OBSI
Revisions modernize ombudsman's terms of reference
In its March report, the watchdog found ``insufficient'' controls in place to prevent sales of unsuitable financial products
CSA, IIROC and the MFDA have released a joint notice, Complying with requirements regarding the Ombudsman for Banking Services and Investments. The notice highlights concerns about some registered firms’ complaint handling systems and participation in OBSI’s services, and sets out potential regulatory responses. In the notice, the regulators say that, though OBSI’s compensation recommendations aren’t […]
The Ombudsman for Banking Services and Investments (OBSI) opened 350 investment-related cases in 2016, an increase of 17%, reveals the ombudsman’s annual report. However, complaints related to mutual funds dropped 3%, though they remain the number one product investors complain about, representing 44% of cases. Common shares or equities represented 34% of cases, but no […]