NEWS
08/05/2015 11:07 EDT | Updated 08/05/2016 01:12 EDT

CEO of Nova Scotia Securities Commission selected as new banking ombudsman

TORONTO — Sarah Bradley has been chosen to head the Ombudsman for Banking Services and Investments after longtime ombudsman Doug Melville stepped down at the end of May.

Bradley is currently the chairwoman and chief executive officer of the Nova Scotia Securities Commission.

She will begin her new role as the ombudsman and CEO of the Ombudsman for Banking Services and Investments on Sept. 14.

The national organization, which resolves disputes between clients and their banks and investment firms, serves as an alternative to costly legal battles.

When it determines that a customer complaint has merit, it can recommend that firms compensate clients up to $350,000.

The organization has faced push back in recent years, with a number of companies refusing to abide by the ombudsman's recommendations.

 

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The Canadian Press