In addition, the complaint brochures of all the banks nudge complainants away form OBSI. For example , TD’s If You Have A Problem brochure https://www.td.com/document/PDF/to-our-customer/td-customer-care-en.pdf states under the heading Additional resources – external agencies states “If you require further assistance after the decision of the TD Ombudsman [Emphasis added], the following independent services can provide you with information and a further review of your complaint. Please use the information below to contact the agency that deals with the TD business group where your concern arose. These agencies may contact TD’s internal complaint resolution staff – including the TD Ombudsman’s Office – to facilitate their investigation and work toward the earliest possible resolution of your complaint”. This is incorrect – investors with complaints DO NOT have to engage with TD’s “ombudsman” before they can access OBSI. The brochure also does not warn investors that the statute of limitations time clock continues to count down while the investigation is in progress.
Investor advocates encourage OBSI to proactively call out these diversions and to establish countermeasures.
It is our view that accepting responses from internal "ombudsman" can have adverse consequences :
FAIR Canada Letter to OBSI Joint Regulators Committee re Use of " internal Ombudsman" by Registered Firms When Responding to Investment Complaints https://faircanada.ca/submissions/letter-obsi-joint-regulators-committee-re-use-internal-ombudsman-registered-firms-responding-investment-complaints/