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Compliance

OBSI (Ombudsman for Banking Services and Investments)

Independent dispute-resolution body for client complaints escalated after the dealer's internal process.

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Definition

OBSI investigates client complaints against participating investment firms when the dealer's internal complaint handling has not resolved the matter within 90 days, or when the client is dissatisfied with the dealer's final response. OBSI can recommend compensation up to $350,000 for investment complaints. Participation is mandatory for CIRO-regulated dealers under the CIRO IDPC Rules' complaint-handling provisions. Dealers must provide clients with OBSI contact information in their complaint acknowledgement letter. OBSI's recommendations are non-binding, but a dealer that declines to follow a recommendation must be publicly named by OBSI.

Source

CIRO IDPC Rules, complaint-handling provisions; obsi.ca

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