When a client has a complaint, there are different ways to resolve it. The key is knowing where the client starts and which process is binding or non-binding.

 

1️⃣ Dealer’s Internal Complaint Process

📌 Short Description: The client normally starts by submitting the complaint directly to the investment dealer.

🌟 Golden Point: Dealer first! The firm’s internal complaint process is generally the first step before moving to an external dispute-resolution service.

🔑 Think: First Step = Dealer 🏢

 

2️⃣ OBSI — Ombudsman for Banking Services and Investments

📌 Short Description: An independent organization that reviews eligible unresolved complaints between clients and participating financial firms.

🌟 Golden Point: OBSI is independent and its recommendations are generally non-binding — it can recommend compensation but does not issue a binding court judgment.

🔑 Think: Independent + Non-Binding = OBSI 🤝

 

3️⃣ CIRO Arbitration

📌 Short Description: A formal dispute-resolution process in which an independent arbitrator decides the dispute.

🌟 Golden Point: Arbitration is binding — the arbitrator’s decision must generally be followed by the parties. Usually used for complex disputes.

🔑 Think: Arbitrator Decides = Binding ⚖️

 

🌟 Golden Exam Rule:

Internal Complaint Process → First Step 🏢

OBSI → Independent + Non-Binding 🤝

Arbitration → Independent + Binding ⚖️