In response to a request for comments, FAIR Canada has provided comments on the Ombudsman for Banking Services and Investments’ (OBSI) proposed revisions to its Terms of Reference. FAIR Canada is generally supportive of OBSI’s proposed revisions, and made both specific and general comments in its submission.
FAIR Canada’s specific comments included support for the removal of investor unfriendly language, the addition of a fairness directive for OBSI recommendations (particularly with respect to recommendations of compensation), and clarification that details about an investigation may be made public. FAIR Canada’s general recommendations were for OBSI to increase transparency in recommendation criteria, resist industry lobbyist efforts, specify goals and objectives for its Board, and provide suitability guidance for individual investors.
Click here to view the full FAIR Canada submission.
