The board of directors of the Ombudsman for Banking Services and Investments intends to hold a special meeting by the end of November to consider whether any changes to its investment suitability and loss assessment methodology are needed, OBSI said Friday.
Earlier this year, in response to industry complaints, OBSI completed a public consultation concerning its methodology. The methodology was also examined in an independent review conducted by the Navigator Company. That report found that industry complaints are largely unfounded and that OBSI’s methodology is among the best in the world compared with other similar dispute resolution services.
Now, OBSI says that its board intends to hold a special meeting by the end of next month to discuss any proposed changes to the methodology. If changes are proposed, OBSI will then issue them for a 60-day consultation period. And, following this second consultation period, a finalized methodology will be approved by the board and made public.
In addition, OBSI says that over the next few months it will consult on the report produced by the independent review, and the recommendations made in that report. The report called for regulators to get involved and make some fundamental reforms to the ombudservice to shore up its position as a dispute resolution service.
OBSI also reports that the Investment Industry Regulatory Organization of Canada has appointed a new member to OBSI’s board. Craig Hayman, principal of the client solutions group at Edward Jones, is replacing Luc Papineau, who is no longer associated with an IIROC dealer.