A year ago, securities regulators seemed determined to finally push ahead with binding dispute resolution, which would force banks and dealers to compensate victims of adviser misconduct.
For well over a decade, binding dispute resolution has been discussed and studied, proposals shelved in the face of vigorous resistance. But OBSI is powerless to enforce its own decisions. Sometimes, albeit rarely, firms simply refuse to pay. Lowball offers are much more common. “It is difficult to confidently promote a service that is unable to assure and secure redress for consumers,” Deborah Battell, the former banking ombudsman for New Zealand, wrote in a 2016 review.
After the CSA laid out a framework for granting OBSI binding authority last November, the letters of protest still poured in.
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