In the continuing industry attack on the Ombudsman for Banking Services and Investments (OBSI), investment complaints are taking longer to resolve, “largely due to the level of co-operation from certain participating firms both during our investigation and after we’ve reached a conclusion,” as noted by OBSI in an article by James Langton.
In their efforts to undermine OBSI, certain firms appear to have adopted a strategy of non cooperation so that they can argue that OBSI takes too long to resolve complaints. We continue to call on government and regulators to support mandatory participation in OBSI to resolve banking services and investment complaints.
