“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 attraction for these disputes that contain compensation of at the least $35,000 except 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 occasion similar to a division of the CSA or CIRO.
Moreover, the suggestions embody identical remedy for each investor and agency concerning the ultimate choice and any mechanisms that comply with.
The group would like that the brand new stage two – evaluation and choice – shouldn’t be applied however, whether it is, it suggests better transparency across the course of and the senior choice makers’ coaching and implementation of equity requirements.
IFIC additionally needs to see a redesign of the grievance dealing with and dispute decision course of to harmonize and streamline each and enhance certainty for all events whereas decreasing regulatory burden and price for stakeholders.