OBSI, the ombudsman for securities and investments is looking to hand over the review of investment complaints involving segregated funds to the Insurance Ombudsman.
OBSI will refer the investigation and analysis of segregated funds to the Ombudservice for Life and Health Insurance (OLHI) even if they form a part of a larger portfolio that is the subject of a complaint to OBSI.
It is also looking to give up its mandate to investigate systematic issues, although the reasoning here is not exactly clear – something to the effect that because banking systematic issues need to be referred to the FCAC, in the interests of fairness investment related systematic issues should no longer be investigated. This is an incredibly fudged and fobbed explanation. Dealing with systematic issues was a major recommendation of an earlier Navigator report.