News Releases

OBSI 2022 Annual Report released

Complaint inquiries and opened cases reach new record highs in 2022, fraud complaints dramatically rise

Toronto, March 16, 2023– The Ombudsman for Banking Services and Investments (OBSI) released its2022 Annual Report.

In 2022, OBSI responded to over 10,000 public inquiries - a 40% year-over-year increase from the record levels reached in 2021. This was largely driven by banking inquiries that rose 56% compared to 2021. Investment inquiries increased by 8% year over year.  

In total, OBSI opened 1...

OBSI’s new Data Cube is the next step for greater access to financial complaints information

Toronto, October 6, 2022 – The Ombudsman for Banking Services and Investments (OBSI) is pleased to announce the launch of a new interactive digital information tool called Data Cube. The Data Cube provides at-a-glance access to current and historical information about OBSI’s case experience and outcomes in an open and accessible visual format that allows users to interact with and filter data by date range, product, issue, industry, or firm. This new online tool provides information...

Independent Evaluation of OBSI’s Banking Complaints Mandate Released

Toronto, September 1, 2022 – Today, the Ombudsman for Banking Services and Investments (OBSI) released the results of its 2021 independent evaluation of its operations and practices for banking related complaints. OBSI undertakes independent expert evaluations of its operations every five years.

This banking evaluation was the second of two concurrent reviews conducted by Professor Poonam Puri, one of Canada’s leading experts in corporate governance, corporate law, and securities law, whose review...

Independent Evaluation of OBSI’s Investment Complaints Mandate Released

Toronto, June 13, 2022 – Today, the Ombudsman for Banking Services and Investments (OBSI) released the results of its 2021 independent evaluation of its operations and practices for investment related complaints. OBSI undertakes independent expert evaluations of its operations every five years.

This evaluation was conducted by Professor Poonam Puri, one of Canada’s leading experts in corporate governance, corporate law, and securities law. Professor Puri delivered her findings to the OBSI Board of...

OBSI Board welcomes Canadian government’s decision to establish a single ombudsman for banks

Toronto, April 8, 2022 – The Board of Directors for the Ombudsman for Banking Services and Investments (OBSI) welcomed the Federal Government’s decision to establish a single, not-for-profit ombudsman for federally regulated banks announced in yesterday’s budget.

“We applaud the government’s decision to correct our current system that allows banks to choose the ombudsman who will investigate and decide on their customers’ complaints,” said Maureen Jensen, Chair, OBSI. “A single non-profit ombudsman...