The OBSI was previously responsible for mediating disputes with the bank's customers.
OBSI would now work with only two of the major five banks in Canada: Bank of Montreal (BMO.TO) and the Canadian Imperial Bank of Commerce (CIBC) (TSX:CM).
Previous results found using the OBSI
initial version followed a similar pattern.
said that banks were the main reason for the increase in investigations.
Requiring that OBSI
's independent dispute resolution services be made available to clients is an important component of the CSA's investor protection framework.
Deborah Battell, former New Zealand banking ombudsman, who was appointed to review Canada's Ombudsman for Banking Services and Investments (OBSI
), issued a report on Monday.
The Ombudsman for Banking Services and Investments, or OBSI
, serves as an alternative to costly legal battles by resolving disputes between banks or investment firms and their customers.
Seven Canadian banks have agreed to continue to be part of the Ombudsman for banking Services and Investments (OBSI
), which oversees the consumer dispute-resolution process.