A victim of its own success, the Financial Services Commission of Ontario has increased the monthly assignment of arbitration files to dispute resolution company ADR Chambers by 250 per month, and is actively looking for a new contract with a dispute resolution company.
FSCO - which regulates insurance, pension plans, loan and trust companies, credit unions, mortgage brokering, and co-operative corporations in Ontario - had earlier contracted ADRC to eliminate a backlog of mediation files and to assist with the high volumes of arbitration files back in the fall of 2013. FSCO and ADRC were able to clear a backlog of 30,000 mediation files, several years ahead of projects.
“We correctly anticipated that, as the mediation backlog was cleared, an increased demand would develop in arbitration,” says Kristen Rose, a spokesperson for FSCO. “FSCO is increasing the arbitration monthly file assignments to ADR Chambers due to the high volume of files.”
As a result, FSCO will be increasing the monthly assignment of arbitration files to ADR from 500 to 750 files per month, beginning this month. (Continued on Page 2)