Established in 1996 as an alternative to the legal system, the Ombudsman for Banking Services and Investments is an independent organization providing dispute resolution service for Canadian consumers or small businesses with unresolved complaints involving their financial services firm. In its 2008 annual review, OBSI reports that it opened 670 case files, a 43% increase from 2007 and a more than 100% increase over the last two years. The number of facilitated settlements more than tripled to 91 in 2008. Also, OBSI’s Board of Directors approved Revised Terms of Reference, which will be implemented in Spring 2009. (OBSI Annual Review.)
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