News Releases

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...

OBSI establishes board position for Consumer Interest Director

Toronto, May 28, 2020 – Today, the Board of Directors for the Ombudsman for Banking Services and Investments (OBSI) 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 the types of consumers which OBSI serves.

“Given the increasing range and complexity of issues that consumers of financial services face, the...

OBSI responds to FCAC review of external complaints bodies’ operations

Toronto, February 19, 2020 – Today, the Financial Consumer Agency of Canada (FCAC) released its review of bank complaint handling procedures and of the operations of external complaints bodies (ECBs), which included the Ombudsman for Banking Services and Investments (OBSI).

“We commend the Minister of Finance and the FCAC for recognizing the importance of consumer complaint handling in the financial services sector and delivering this insightful and comprehensive report. OBSI takes seriously...

OBSI releases first ever Canadian seniors’ complaints report

Toronto, July 18, 2019 – Older Canadians experience different challenges with the financial services they use than younger Canadians, according to a new report issued by the Ombudsman for Banking Services and Investments (OBSI). They are also more likely to file complaints about those services. While seniors represent less than a third of the Canadian population, they accounted for 38% of the complaints that OBSI received over a two-year period.

Today, OBSI released its first ever Seniors Report,...