Deconstructing Securities Law

 

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Julia Dublin, Barrister & SolicitorRecent News, Commentary and Press

Consumer and Investor Advisory Council to OBSI alarmed by TD Bank decision

TORONTO, Oct. 26, 2011 /CNW/ - The Consumer and Investor Advisory Council to the Ombudsman for Banking Service and Investments (OBSI) was established to bring the voice of the everyday Canadian consumer to this sector.

The Council reacted with alarm and disappointment to TD Bank's decision to withdraw from the services of OBSI for its banking clients, a neutral, impartial ombudsman scheme that has been recently reviewed and assessed to be a 'gold standard' in the financial ombudsman sector.

Council member Julia Dublin notes that the challenges faced are largely attributable to the original design of OBSI as an institution, and if not addressed will continue to hamper OBSI's operations. "I do not believe that consumers benefit at all from a system that delivers them to a confusing array of competing private financial dispute resolution services. The experience in jurisdictions such as New Zealand that have experimented with this approach demonstrates that a single mandatory system is the way to go."

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