TORONTO, Oct. 31 /CNW/ - The members of the Registered Education Savings
Plan Dealers Association of Canada (RESPDAC) are joining the Ombudsman for
Banking Services and Investments (OBSI) on November 1, 2007, giving their
hundreds of thousands of plan holders access to a national, independent and
impartial dispute resolution service for unresolved complaints.
"This is a major step forward for the members of RESPDAC, further
strengthening our commitment to our plan holders and to the reputation of our
industry," said Peter Lewis, Chair of RESPDAC.
"Each of our member firms currently does its utmost to resolve concerns
raised by plan holders," Mr. Lewis continued. "But up to now, a client had
limited recourse if their dispute or complaint reached an impasse. OBSI
provides an ideal solution for both sides."
"The members of RESPDAC clearly comprise an important component of the
financial services industry in Canada, and we're very pleased to welcome them
as our participating firms," said Ombudsman David Agnew.
The member firms of RESPDAC, also known as scholarship plan dealers, are
C.S.T. Consultants Inc., Children's Education Funds Inc., Heritage Education
Funds Inc. and USC Education Savings Plans Inc.
Under the OBSI system, plan holders with a complaint first attempt to
resolve it with their RESP dealer. If the complaint cannot be resolved
satisfactorily, the plan holder has the right to bring the dispute to OBSI.
RESPDAC members manage about $7 billion in assets on behalf of plan
holders across Canada. Further information is available at www.respdac.com.
OBSI is a national independent dispute resolution service covering more
than 650 domestic and foreign banks, credit unions, trust and loan companies,
investment dealers and mutual fund companies and dealers. The Ombudsman
service offers free, confidential and impartial investigations of unresolved
complaints against participating firms. Further information is available at
For further information:
For further information: James Deeks, Executive Director, RESPDAC, (416)
689-8421; Diane Bélanger, Manager of Public Affairs, OBSI, 1-888-451-4519