In early October, the Canadian Securities Administrators (CSA) announced the development of a proposal for public comment which would provide the Ombudsman for Banking Services and Investments (OBSI) with binding authority. Currently, all registered advisers and dealers are required to use OBSI as a dispute resolution service, except in Québec. It is noted in the press release that OBSI is also an approved External Complaints Body by the federal government in connection with its banking mandate. The proposal is expected to be released sometime in 2023 and we will review any such proposal with interest.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.