OBSI Update – November 8, 2012
November 08, 2012
This note is one in a series of newsletters updating you on what’s happening at the Ombudsman for Banking Services and Investments (OBSI).
In this issue:
- Firm Refusals to Compensate
Firm Refusals to Compensate
Since our organization’s inception in 1996, only one firm has ever refused an OBSI recommendation to compensate a client regarding a complaint we investigated. Now, after a lengthy process aimed at trying to fairly resolve certain cases, we expect to be announcing several refusals by investment firms in the coming weeks and months.
A firm’s refusal to compensate means that OBSI must publicize the refusal as well as our investigation’s findings under the so-called ‘name and shame’ requirements of Section 27 of our Terms of Reference. OBSI’s only interest is in finding fair resolutions to complaints. As such, we have taken some extraordinary steps in an effort to resolve complaints that have been at an impasse before invoking the Section 27 powers.