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OBSI – Ombudsman for Banking Services and Investments

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Case Studies

Latest Posts

cheques

Consumer recovers thousands lost when cheques are stolen from his home and forged

Posted Friday, September 20, 2019

Key learnings

  • Consumers with chequing accounts are responsible for properly securing their cheques, chequebooks and other bank documentation, particularly if others may have access to their home.
  • Consumers are responsible for regularly verifying their account statements and notifying their bank immediately when they become aware of any unauthorized activity in their account.
  • Banks must comply with the Bills of Exchange Act when assisting customers with cheque problems.

In early 2017,...

senior man

High risk investments suitable for this senior investor, but DSCs unsuitable

Posted Wednesday, August 28, 2019

Key learnings

  • Seniors are not always low-risk investors – high risk investments can be suitable for some seniors, depending on their circumstances.
  • Deferred sales charge (DSC) funds are generally not appropriate for senior investors due to their shorter investment timeframes.
  • Investors should always confirm the accuracy of their Know-Your-Client (KYC) and read their disclosure documents carefully and ask questions to be sure they understand them.

Mr. H moved his investment portfolio...

scam

Senior falls prey to antivirus scam

Posted Monday, August 05, 2019

Key learnings:

  • Fraudsters often begin a relationship with a victim, appear to send them too much money, and then ask the victim to send money back. The money that the scammer sends is fake, but the money that the victim sends back is real.
  • Even when they are innocent victims of fraud, consumers are responsible for losses resulting from their own actions.

One day in 2017, Mr. R’s computer froze. A warning appeared on the screen and a message from what appeared to be a reputable...

POA

Firm acted fairly and reasonably when refusing a request made under a power of attorney

Posted Tuesday, July 16, 2019

Key learnings

  • All actions taken by a person using a power of attorney document (POA) must be for the benefit of the person who granted the POA.
  • A financial firm can refuse a transaction request made by a person using a POA if the firm has a reason to be concerned that the request is not being used for the benefit of an account holder.

Mr. D was a terminally ill senior. He had named his daughter, Ms. M, to be a substitute decision maker for him in a POA. In early 2018, she contacted...

credit cards

Client’s credit card is frozen because he refuses to answer a question about his occupation

Posted Friday, May 24, 2019

Key learnings

  • Banks must ask consumers for certain information to meet their legal obligations and to help them make risk decisions.
  • Consumers will not have access to certain products or services if they do not provide the required information to banks.

 

Mr. F had held his credit card, and a number of other products, with the bank for over 25 years. In early 2018, he noticed he had not received his credit card statement in the mail. He called the bank. He asked about the missing...

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debit card fraud

Consumer responsible for unauthorized transactions after not taking enough care to protect his debit card and PIN

Posted Friday, February 26, 2021

fraud

Bank customer is a victim of multiple incidents of fraud

Posted Friday, December 18, 2020

investment suitability

Investors incur significant losses and seek compensation, believing themselves to be unsuitably invested in high-risk securities

Posted Tuesday, November 10, 2020

mortgage

Bank errors when arranging a mortgage transfer lead to costly penalties for borrower

Posted Monday, August 31, 2020

fraud

Retired consumer targeted in text message scam

Posted Wednesday, July 29, 2020

seniors

Senior with early signs of dementia gets into more than $68,000 of debt

Posted Tuesday, June 23, 2020

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