INDEPENDENT EVALUATION OF THE OBSI INVESTMENTS MANDATE
In accordance with the Ombudsman for Banking Services and Investments (OBSI) Terms of Reference, OBSI is required to submit itself to an independent evaluation of its operations and practices for investment-related complaints every five years. Accordingly, the latest review was completed, and Report issued, on June 13, 2022.
In summary, the findings were the result of reviewing several factors, including:
The main findings included, but were not limited to:
The Report made certain recommendations for improvement as they relate to these matters. In particular, the Report notes that there is room to improve the current protocol for handling systemic issues and found that OBSI’s inability to universally secure redress for consumers through the name and shame system continues to limit its effectiveness. It echoed the comment from the 2015 Report that OBSI should be given authority to render decisions that are binding on the parties to its process in order to be in-line with international best practices and to bring more legitimacy to the system.
We encourage members to review the Report.