Case Studies

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

Posted Monday, August 31, 2020

Key lessons:

  • Financial institutions are responsible for financial harm caused by their own administrative errors and delays.
  • Consumers can protect themselves by ensuring that arrangements for time-sensitive transactions are finalized well in advance and carefully reviewing all paperwork to ensure it matches their expectations.

Consumer decides to transfer mortgage to a new lender

Mr. G held a mortgage at Bank A that was maturing. A few weeks before the maturity date, he met with a...


Retired consumer targeted in text message scam

Posted Wednesday, July 29, 2020

Key Lesson:

Everyone is a potential victim of fraud and should take steps to protect themselves and their loved ones. Every day, fraudsters target consumers with elaborate scams that exploit familiar technology such as text and email. They use reasonable-sounding scenarios such as password resets, fraud alerts or prize draws to trick consumers into clicking links or disclosing personal information and passwords. Consumers should never provide banking or personal information to...


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

Posted Tuesday, June 23, 2020

Key Lesson: 

Banks will not restrict a person’s access to their own money and credit until they have the required legal documentation to transfer control to someone else. It is important for everyone, but especially seniors, to plan ahead for how their finances will be taken care of if they need help.   

If a parent, relative or friend is no longer able to manage their finances and have trusted you to help: 

  • Set up a meeting with...

lowball offer

Investor incurs significant losses from unsuitable advice and excessive trading and accepts low settlement offer

Posted Monday, May 11, 2020

Key Lesson

OBSI is committed to conducting impartial investigations and recommending fair outcomes for both firms and consumers. When consumers escalate their complaints to OBSI, firms are obligated to participate in our process in good faith. Most firms do so and treat their customers fairly by complying with OBSI recommendations. However, sometimes firms choose not to comply and when that happens, consumers who have incurred losses have limited options and may accept unfair low...

fee payment structure

Consumer alleges online investing app misled her about margin borrowing and interest obligations

Posted Wednesday, April 08, 2020

Key lesson

Consumers who open online investing accounts (also known as discount brokerage or “order execution only” accounts) are responsible for reviewing all account agreement terms and conditions, making their own trades, and monitoring their account activity.

Do-it-yourself investing

In early 2019, Ms. C opened an investment account at Firm K, an online broker, using the firm’s mobile app. Choosing to invest with an online broker meant that Ms. C was responsible...

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