OBSI opens fewer cases in Q1

The number of complaints filed with the Ombudsman for Banking Services and Investments (OBSI) declined in the first quarter of its fiscal year

The ombudsman’s office opened 237 cases in total, down 9% from the 261 it opened in the final quarter of 2010, and a staggering 21% lower than the 301 cases opened in the first quarter of 2010.

The majority of the cases opened dealt with investments (130), rather than banking (107). Within those two categories, the year over year decline remained roughly 21%.

OBSI also managed to close 186 cases, including 96 investments cases and 90 banking cases.

The ombudsman’s office closed 58% of case files within 180 days, an improvement from 54% in the fourth quarter. In Q1 of 2010, it managed to close 62% of its cases within that window.

“The year-over-year deterioration in recorded timeliness in closing investment case files is a result of the special, limited-time project to clear the investment case file backlog: as the backlog is reduced, these files show up in the closed case file statistics,” OBSI said in its report.

The ombudsman managed to close 90% of banking cases within the 180 day window, while only 27% of investment cases were closed so quickly.

Where a complaint has merit, OBSI may recommend compensation up to a maximum of $350,000.

Twenty-nine percent of closed cases resulted in a recommendation for compensation. In total, investments-related cases accounted for a recommended $689,243 in compensation, while total banking recommendations added up to $103,037.

Staff

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