News Releases

OBSI releases Report on Income and Canadian Financial Consumer 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...

OBSI Board Announces New Chair of the Consumer and Investor Advisory Council

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...

OBSI Board Announces New Consumer Interest Director

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...

WealthTerra refuses to compensate investor for losses

Toronto, August 27, 2020 - The Ombudsman for Banking Services and Investments (OBSI) today announced the refusal of WealthTerra Capital Management (WealthTerra) to compensate an investor $50,810 for losses caused by WealthTerra’s sale of unsuitable investments in high-risk exempt market securities.

WealthTerra is an exempt market dealer based in Alberta.

In 2011, Ms. X was recently divorced and living full-time with her two young children. She was self-employed and offered services such as house cleaning...

OBSI Board welcomes Ontario Capital Markets Modernization Taskforce proposals to strengthen ombudsman’s ability to help investors

Toronto, July 10, 2020 – OBSI’s Board of Directors welcomes the proposal of Ontario's Capital Markets Modernization Taskforce to give OBSI the power to require investment firms to pay fair compensation to harmed investors when warranted, and increase the limit on OBSI’s compensation recommendations.

We appreciate that multiple investor interest organizations including the Canadian Association for Retired Persons (CARP), The Foundation for the Advancement of Investor Rights (FAIR Canada), and the Ontario...