How many days does a client have to refer a complaint to the Ombudsman for Banking Services and Investments (OBSI) after getting a final response from a firm?
A.
180 days from the date the complaint was made
B.
180 days from the client receiving a final response
C.
180 days from the date that CIRO was notified
D.
180 days from the date of the firm's initial response
The correct answer is B . Once an investment firm delivers its final written response to a client complaint, the client generally has 180 calendar days from receipt of that final response to escalate the unresolved matter to the Ombudsman for Banking Services and Investments. OBSI states explicitly: “You have 180 days to bring your complaint to us after the firm has given you a final response.”
This deadline must be distinguished from the period allowed for the Investment Dealer to investigate and respond internally. An investment firm generally has up to 90 days to provide its substantive/final response, subject to the different Quebec framework identified by OBSI. Once the final response has been received, the separate 180-day OBSI escalation period begins.
A is incorrect because the 180 days do not normally run from the date the original complaint was submitted to the firm. C is incorrect because CIRO notification does not establish the OBSI limitation period. D is incorrect because an initial acknowledgement or preliminary response is not the relevant trigger; the period runs from the firm's final response .
The CIRE syllabus expressly requires understanding of OBSI as a recourse mechanism for dissatisfied clients.
Study Guide Reference: CIRE Element 4.2 — OBSI, litigation and CIRO arbitration; complaint escalation and client recourse.
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