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In 2016 investment complaints to the Ombudsman for Banking Services and Investments (OBSI) were up 17% from the previous year.

Better online service might help clients with complaints feel less frustrated: OBSI has launched a new website, which includes a “simplified” complaint process for clients, says the ombudsman in a release.

The overall complaint process remains the same, however. Clients must first file a complaint within the firm, which has 90 days to respond before the complaint can be passed on to OBSI. Clients have 180 days to file the complaint with OBSI after the firm has provided a final (but unsatisfactory) response.

If OBSI believes a client is owed compensation, it tries to settle the matter through discussion with the client and firm.

If the firm refuses to compensate the client, OBSI resorts to naming and shaming.

“We then make public the name of your firm, our findings and that your firm refused our recommendation,” says OBSI on its website, addressing clients.

The client’s name isn’t made public.

Also read:

Pro bono legal clinic backs wronged investors

Stop using pre-signed forms, pleads MFDA enforcement report

Bank customers reimbursed $10.5M, finds FCAC

Originally published on Advisor.ca
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