Ombudsman for Banking Services and Investments

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,...

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...

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...

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...

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...

Case Studies

Latest Posts

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

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

Senior falls prey to antivirus scam

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

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