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Investor sells at a loss when markets fall and seeks compensation from advisor

Posted on Tuesday, June 28, 2022 11:00 AM

Key lessons

  • All investors should understand that higher potential investment returns come with a higher risk of investment losses, but most people find it much easier to consider potential investment gains than to deal with investment losses. Before committing to any investment plan with medium-to-high expected returns, consider: If your investments were to lose half their value, how would you feel? How would your short- and long-term financial well-being be impacted? Could you stick to your plan?...

New investor is targeted on social media

Posted on Wednesday, January 12, 2022 03:48 PM

At OBSI, we have seen a significant increase in complaints related to cryptocurrency and fraud. The case example below was originally published in our Consumer Bulletin: Cryptocurrency scams increasingly targeting and exploiting Canadians.

Scammer poses as cryptocurrency broker

Mr. U was young and had limited investing experience. While on social media, a woman approached him and introduced herself as a cryptocurrency broker. She said that she could help him invest in cryptocurrency and promised...

Senior is targeted by fraudulent investment firms

Posted on Wednesday, January 12, 2022 03:39 PM

At OBSI, we have seen a significant increase in complaints related to cryptocurrency and fraud. The case example below was originally published in our Consumer Bulletin: Cryptocurrency scams increasingly targeting and exploiting Canadians.

Bank warns of potential scam

Ms. P was a senior eager to invest and increase her retirement savings. Unexpectedly, she received phone calls from two different investment firms. Both firms encouraged her to invest in cryptocurrency and promised high returns....

Consumer pursues credit card refund for vacation cancelled due to COVID-19

Posted on Tuesday, January 11, 2022 11:30 AM

Key lessons

  • Whenever you buy goods and services, especially for future delivery, be sure to pay careful attention to the terms and conditions of the purchase. Return and refund policies vary, so before you agree to buy, it’s important to understand what you will be entitled to if the goods are damaged, or the services are cancelled.
  • Many provinces have specific consumer protection laws to protect consumers against improper business practices and give them certain rights when they purchase goods...

Savings are at risk when scholarship trust plan rules are overlooked or misunderstood

Posted on Friday, October 22, 2021 12:36 PM

Key lessons

  • Registered Education Savings Plans (RESPs) are complex investment products that usually are invested for many years before the money can be used for a child’s post-secondary education. The scholarship trust plans that scholarship trust dealers offer are a type of RESP that requires investors to follow strict rules about how they contribute, the eligibility of their child, and how they can withdraw the funds. They do not operate like regular savings or investing accounts that grow over...

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