OVERVIEW
The Portfolio Management Association of Canada (“ PMAC“) represents over 240 investment management firms from across Canada that manage total assets in excess of $1.5 trillion, with a mix of both institutional and private client assets. PMAC is very supportive of the requirement for registrants to provide dispute resolution services to clients at the registrant’s expense and we strongly agree that investors should have unfettered access in seeking restitution with a no-cost alternative to the court system. PMAC appreciates the opportunity to have participated in various consultations and in-person discussions regarding the Ombudsman for Banking Services and Investments’ (“ OBSI”) mandate and operations.
GENERAL
PMAC would like to express our appreciation for the OBSI-industry outreach meetings that have taken place. We feel this opportunity for dialogue is very helpful. The outreach OBSI is conducting with industry, as well as with investment firms that have had a complaint handled by OBSI in the previous year through the OBSI 2016 Participating Firm Feedback results (the “2016 Survey”) is positive and bolsters OBSI’s strategic direction to drive continuous improvement and organizational resiliency. We are submitting this letter in the spirit of furthering such dialogue as we understand that OBSI is currently undertaking its budgeting process for the coming year and working to implement initiatives outlined in the 2017 – 2021 Strategic Plan.