News Releases

Toronto, December 1, 2020 - The Ombudsman for Banking Services and Investments (OBSI) today announced the refusal of Becksley Capital Inc. (Becksley) to compensate an investor $33,055 for losses caused by the firm’s sale of unsuitable investments.

Becksley is an exempt market dealer based in Richmond Hill, Ontario.

At the time of the investment, Mr. J was a 37-year old skilled tradesman with a high school education. Mr. J had an income of $69,000 and a net worth of less than $100,000.

On the advice...

Toronto, November 18, 2020 – OBSI announced the launch of a new Consumer Portal and improved online experience for consumers, our most recent investments in technology to help make the complaint process easier for consumers and give them convenient online access to their case details all in one place.

With these new systems, consumers who prefer to interact with OBSI electronically will benefit from an improved experience and self-service options. Consumers can submit their complaints...

Toronto, October 29, 2020 – The services of the Ombudsman for Banking Services and Investments (OBSI) are more likely to be accessed by lower- and middle-income Canadians than wealthier Canadians, according to the organization’s just released Report on Income and Canadian Financial Consumer Complaints. The report also found that the cases brought forward by these consumers are as likely to be resolved in their favour, and for as much financial compensation, as cases brought forward by those...

Toronto, October 5, 2020 – The Board of Directors for the Ombudsman for Banking Services and Investments (OBSI) announced the appointment of a new chair of its independent Consumer and Investor Advisory Council (CIAC).

Harold Geller has been appointed the new Chair of the CIAC. Harold is a lawyer who represents investors and insureds with claims against financial advisors, MFDA and IIROC representatives, insurance salespeople and their firms. He is a member of the Canadian Bar Association and...

Toronto, September 24, 2020 – The board of directors for the Ombudsman for Banking Services and Investments (OBSI) announced the appointment of Wanda Morris to the board as its first director to be designated a Consumer Interest Director.

In May, the board approved changes to the organization’s Bylaw to require at least one director to be designated a Consumer Interest Director. A Consumer Interest Director will have a particular interest in, access to, and experience representing the interests of...