What is the primary role of the Ombudsman for Banking and Investments (OBSI)?

The primary role of the Ombudsman for Banking and Investments (OBSI) is to resolve disputes between banks and clients. This independent organization provides a mechanism through which clients can seek resolution when they have complaints regarding financial services or products, particularly those offered by banks and investment firms.

OBSI aims to ensure fair treatment for consumers, offering a pathway for them to address grievances without the need for court proceedings. The ombudsman investigates complaints impartially and makes recommendations for resolution, which may include compensation or other remedies when appropriate.

In contrast, the creation of new financial regulations is generally the responsibility of regulatory bodies like the Canadian Securities Administrators. Auditing financial institutions is typically performed by specialized auditing firms or regulatory agencies to ensure compliance with laws, while providing investment advice falls under the purview of financial advisors or investment firms, not the ombudsman.