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04/4/2008
OBSI has received several complaints from retail investors about
Asset-Back Commercial Paper (ABCP) investments in their accounts.
Our standard practice is to permit the client and firm to attempt to
resolve a complaint first. We get involved once the firm has had an
opportunity to give a final response to the client, and the response is
unsatisfactory to the client. In the case of the ABCP-related
complaints, some firms who have received client complaints have been
waiting for the Pan-Canadian Investors Committee process to complete its
work before finalizing a response to clients.
The Committee’s Plan of Compromise and Arrangement under the Companies’
Creditors Arrangement Act (CCAA) is subject to an investors’ vote
scheduled for April 25, 2008.
We encourage any investor who wishes to complain about ABCP in their
accounts to put that complaint in writing to their investment firm,
along with any supporting documentation and notes, with a copy to OBSI.
Mailing address : Ombudsman for Banking Services and Investments
PO Box 896, Station Adelaide
Toronto, ON M5C 2K3
e-mail address:
ombudsman@obsi.ca
We will then be in touch with you directly.
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