New Brunswick has enacted legislation that would make decisions of the Ombudsman for Banking Services and Investments (OBSI) binding on the parties and enforceable as court orders. This change would give OBSI’s decisions greater practical effect and marks an important development in the province’s investor protection framework. New Brunswick joins Saskatchewan as one of the few provinces to have passed legislation enabling binding outcomes through OBSI.
Binding decisions represent a shift from the current model, under which firms may choose not to follow OBSI’s recommendations. Giving decisions legal force can help reduce power imbalances between firms and investors and provide a more effective dispute resolution process, without requiring investors to pursue costly and time‑consuming court proceedings.
New Brunswick’s legislation aligns with ongoing efforts by the Canadian Securities Administrators (CSA) to move toward a binding complaint‑handling framework for investment disputes. That proposal depends on provinces and territories enacting the necessary legislative authority. In that respect, New Brunswick has taken a concrete step to support the broader policy direction under consideration across Canada.
FAIR Canada welcomes measures that strengthen accountability and improve outcomes for investors. We will continue to engage with governments and regulators to encourage consistent, well‑designed complaint‑handling frameworks that deliver fair, timely, and enforceable resolutions for investors across the country.