Wealth Professional forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Wealth Professional | 03 Jul 2015, 09:00 AM Agree 0
Advisors may soon find themselves encouraging their firms to settle client claims brought to the OBSI.
  • Barb Amsden | 03 Jul 2015, 11:32 AM Agree 0
    I haven't found anything on the Ombudsman's website for details (the information goes to the lead regulator but does it go public in all cases?). What this may do is clear those low value ones where a little bit of pride gets in the way of resolution. For serious cases, this always should have been happening and was something recommended some time ago. However, the issue of an advisor's reputation is a serious - financial-security-threatening and personally painful - issue when a charge is unfairly brought or there was an honest misunderstanding and shared responsibility. There is no putting the genie back in the bottle with the internet. Any more details will be welcome.
  • Sandra Kegie | 03 Jul 2015, 01:20 PM Agree 0
    This is a good step, the right step, but still doesn't go far enough. OBSI should be able to 'name and shame' the advisor where it is clearly a case of the advisor acting outside of the supervision of the dealer and the dealer did not and could not have known about the activities. The advisors may not pay, but the dealers who haven't paid in the past, might be more inclined to. In those cases rather than them looking like the bad guy that they aren't, they'll look like to good guy for paying where the advisor did not.
Post a reply