“For the dispute decision system to be truthful, environment friendly and accessible for all Canadian buyers, it should be harmonized throughout all provinces and territories, simplified and streamlined, and have truthful processes for each corporations and buyers,” mentioned Andy Mitchell, President and CEO, IFIC.
IFIC says that OBSI’s compensation cap of $350,000 shouldn’t be elevated with out public session and that there must be a statutory proper of enchantment for these disputes that contain compensation of at the very least $35,000 until the investor both stops the method or begins litigation earlier than the IDRS has made its last choice. It says that appeals must be dealt with by a 3rd social gathering similar to a division of the CSA or CIRO.
Moreover, the suggestions embody identical therapy for each investor and agency relating to the ultimate choice and any mechanisms that observe.
The group would favor that the brand new stage two – overview and choice – isn’t applied however, whether it is, it suggests larger transparency across the course of and the senior choice makers’ coaching and implementation of equity requirements.
IFIC additionally desires to see a redesign of the criticism dealing with and dispute decision course of to harmonize and streamline each and enhance certainty for all events whereas lowering regulatory burden and value for stakeholders.
