The Ombudsman for Banking Services and Investments will be implementing its new terms of reference on February 1, the organization said Friday.

OBSI said its new marching orders are being adopted to coincide with the new complaint-handling rules taking effect at the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada.

“The implementation of OBSI’s new terms of reference (approved by OBSI’s board in late 2008) was deferred to coincide with the implementation of the new IIROC and MFDA rules so that similar procedures would apply to both investment and banking complaints as of the implementation date,” it explains.

Under the new terms of reference:

• consumers will be able to bring their complaint to OBSI for review 90 days after the complaint is made to the participating firm;

• OBSI can take actions in response to systemic issues uncovered during the course of a review of an individual consumer complaint; and,

• participating firms will, where permitted by law, agree to suspend the limitations period for a complaint so that the time it takes to have OBSI review the complaint will not affect the consumer’s ability to later bring legal action against the firm.

IE