How do we make our decisions?
After reviewing the facts of your case, OBSI will make a decision based on “fairness in the circumstances" to both you and the firm. We look at:
Above all, we look at the circumstances of the actual case and determine what would be a fair and reasonable outcome. Each situation is different, and while our Case Studies will help you understand our approach, we look at each case with fresh eyes.
If we are recommending compensation, we will aim to “make you whole" by putting you in the financial position you should have been in if there hadn't been a problem.
We may also recommend other non-financial compensation if appropriate. Please refer to OBSI's Approach to Non Financial Loss for more information
If we believe the firm has acted fairly, or made you a fair offer where there is a problem, we will let you know.
Does a firm have to follow your recommendation?
Your firm does not have to follow our recommendation. However, if it refuses, we will make public the failure of the firm to comply with our recommendation. We have an excellent rate of acceptance of our recommendations by both firms and clients.
Do I have to follow your recommendation?
You do not have to accept our recommendation. If you remain unsatisfied, you are still able to pursue other avenues, such as legal action. Customers of the Investment Industry Regulatory Organization of Canada (IIROC) member firms may be able to use its arbitration service.
If you accept our recommendation for compensation, and the firm has also agreed, the firm may require you to agree to give up any future claims about your complaint before they will compensate you. You may want to get professional advice before signing that kind of document. We don't normally get involved at this stage unless we think the firm is being unreasonable.