Canadian banks remain committed to OBSI

Canada’s biggest banks will remain with the Ombudsman for Banking Services and Investments (OBSI) for 2013. This includes Scotiabank, BMO, CIBC, National Bank of Canada, HSBC Bank Canada, ING Bank of Canada, and Laurentian Bank of Canada.

Read: Rules change to funnel complaints through OBSI

At the same time, several new banks have joined OBSI, including Merrill Lynch International Bank Limited and Mega International Commercial Bank (Canada).

“By committing to OBSI, these banks have demonstrated the high importance they place on their customers’ experience and satisfaction,” says Fernand Bélisle, chair of OBSI’s Board of Directors.

This announcement follows last week’s proposal by the Canadian Securities Administrators (CSA) to expand OBSI’s investment mandate to include portfolio managers, exempt market dealers and scholarship plan dealers. Currently, only IIROC members and MFDA are required to participate in OBSI.

Read: CSA paper examines advisor fiduciary duty

The reasons for mandating OBSI as the common dispute resolution service include:

• No perception that competition for business from registered firms might influence the recommendations of for-profit dispute resolution service providers;
• Complaints handled to a uniform standard;
• Reduced confusion for members of the public.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.