The Globe and Mail reports in its Thursday edition that Canadians mistreated by financial firms routinely accept less compensation than independent mediators say they deserve, according to a coalition of investor and consumer advocates. The Globe's Jameson Berkow writes that the new analysis represents the latest salvo in a decade-long battle to establish a binding regime for investment-related disputes. Currently, the non-profit Ombudsman for Banking Services and Investments (OBSI) can only recommend compensation up to $350,000, which firms can simply refuse to pay. In late 2023, the Canadian Securities Administrators proposed a new framework that would force banks and investment firms to comply with OBSI decisions. The proposal has faced strong resistance from industry groups. Proponents say a binding regime is the only effective way to level the playing field between large financial entities and individual investors. RBC, TD Bank and Scotiabank pulled out of OBSI for consumer banking complaints. However, federal Finance Minister Chrystia Freeland selected OBSI in October, 2023, as the sole ombudsman for banking complaints in Canada. That means the three banks must rejoin OBSI before the end of this year.