{"id":3064,"date":"2023-11-03T18:44:55","date_gmt":"2023-11-03T18:44:55","guid":{"rendered":"https:\/\/cfacanada.org\/?post_type=advocacy_newsletter&p=3064"},"modified":"2023-11-03T18:44:55","modified_gmt":"2023-11-03T18:44:55","slug":"october-2023-advocacy-newsletter","status":"publish","type":"advocacy_newsletter","link":"https:\/\/cfacanada.org\/fr\/advocacy_newsletter\/october-2023-advocacy-newsletter\/","title":{"rendered":"October 2023 Advocacy Newsletter"},"content":{"rendered":"\n
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October 2023 Advocacy Newsletter<\/h1>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n<\/div>\n\n\n\n

Download PDF:<\/h2>\n\n\n\n

October 2023 Advocacy Newsletter<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

Summary:<\/h2>\n\n\n\n

Strengthening the Ombudsman for Banking Services and Investments (OBSI)\u2019s powers to resolve consumer complaints about the financial sector has been a longstanding priority for our Council.<\/p>\n\n\n\n

When we met in Toronto last month, we had a chance to celebrate significant progress on this priority: The federal government had announced it would be establishing OBSI as the sole outside complaint resolution body for the banking sector.<\/p>\n\n\n\n

Previously, banks had the option of bypassing OBSI and hiring private firms to hear and adjudicate complaints brought against them. The conflicts of interest this creates are obvious. Reforms to this system represent an important victory for financial consumers.<\/p>\n\n\n\n

Now it\u2019s time for the provinces to resolve another longstanding problem, having to do with the securities side of OBSI\u2019s mandate. When retail investors bring complaints to OBSI, the best that organization can do is make recommendations about how these complaints should be resolved. Firms can ignore these recommendations or, as they often do, settle with the investor for a lesser amount.<\/p>\n\n\n\n

Why would investors settle? Because the cost of the alternative\u2014pursuing court proceedings\u2014could well dwarf the amount of their claims. It\u2019s time for the provinces to rebalance this lopsided system by making OBSI decisions binding in the securities sector.<\/p>\n\n\n\n

Consumers deserve a financial sector that works for them. Having an effective system for resolving complaints is vital to that goal. We applaud the federal government\u2019s progress in this direction and hope this will be followed in short order by provincial action.<\/p>\n","protected":false},"featured_media":0,"template":"","categories":[],"class_list":["post-3064","advocacy_newsletter","type-advocacy_newsletter","status-publish","hentry"],"acf":[],"yoast_head":"\nOctober 2023 Advocacy Newsletter - CFA Societies Canada<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cfacanada.org\/advocacy_newsletter\/october-2023-advocacy-newsletter\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"October 2023 Advocacy Newsletter - CFA Societies Canada\" \/>\n<meta property=\"og:description\" content=\"Download PDF: October 2023 Advocacy Newsletter Summary: Strengthening the Ombudsman for Banking Services and Investments (OBSI)\u2019s powers to resolve consumer complaints about the financial sector has been a longstanding priority for our Council. 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