News Release

IFIC Makes Submission to OBSI Independent Evaluator on Investment-Related Complaints

January 31, 2022 (Toronto) – The Investment Funds Institute of Canada (IFIC) today provided its feedback to the independent evaluator’s consultation on the Ombudsman for Banking Services and Investments (OBSI) with respect to investment-related complaints.

“IFIC supports effective dispute resolution processes that help investors achieve fair outcomes, and this independent review provides an important opportunity to improve OBSI’s role,” said Paul Bourque, President and CEO, IFIC. “IFIC recommends retaining the current ‘naming and shaming’ system and not providing OBSI with the authority to make binding decisions in the investment sector because it provides an expeditious, low cost dispute resolution channel for the average investor.”

In its submission, IFIC recommended a number of other measures, including: not raising the $350,000 limit on compensation recommendations; the separation of the investigator and adjudicator roles; deferral of investigations when there is a parallel investigation by a self-regulatory organization; greater transparency about OBSI’s process development for its core methodologies; and adjusting the composition of the board to include additional industry participation.

About IFIC

The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.

For more information:

Pira Kumarasamy
Senior Manager, Communications and Public Affairs
pkumarasamy@ific.ca
416-309-2317