Regulatory Alerts2024-07-11
CSA Staff Notice 31-365: OBSI Joint Regulators Committee Annual Report for 2023
The Canadian Securities Administrators and CIRO issued this report detailing the 2023 oversight activities of the Joint Regulators Committee regarding the Ombudsman for Banking Services and Investments. The Committee highlighted ongoing efforts to strengthen OBSI through a proposed binding dispute resolution framework and addressed concerns regarding low settlement rates that fall below OBSI's recommendations. Additionally, the report covers the monitoring of rising complaint volumes, systemic issues such as mutual fund risk ratings, and OBSI's designation as the single external complaints body for the Canadian banking industry.
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