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ARTICLE · 07 JUNE 2016

Report Calls For Significant Reform To OBSI Mandate

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On Monday June 6, the Ombudsman for Banking Services and Investments ("OBSI") released an 84 page independent evaluation of its investment mandate.

CanadaFinance and Banking
David Di Paolo
David Di Paolo
Maureen Doherty
Maureen Doherty
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On Monday June 6, the Ombudsman for Banking Services and Investments ("OBSI") released an 84 page independent evaluation of its investment mandate.

At the heart of the report is a recommendation that OBSI be permitted to have binding authority in respect of its recommendations. Currently, OBSI may make a recommendation in terms of financial payment from a firm to a consumer but the recommendation is not binding. The report states that the current model prevents OBSI from "fulfilling the fundamental role of an ombudsman". To fix this, the report recommends that OBSI be provided with the authority to compel financial institutions to pay awards to consumers.

The report points to a few statistics to suggest that some firms have been "obstructive" in dealing with OBSI and this is why binding authority should be afforded to it. It points to the fact that in 2015 3.5% of recommendations were refused by firms and in 18% of all cases, firms paid less than

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