OBSI News

OBSI’s Terms of Reference have recently been updated to reflect changes to the Bank Act consumer protection framework that came into force on June 30. The Bank Act now requires federally regulated banks’ internal dispute resolution process to deal with a consumer’s complaint within 56 days (previously it was 90 days).

To reflect the new requirement, on June 16 OBSI’s Board of Directors approved an update to the Terms of Reference to include a definition of an Internal Dispute Resolution (IDR) Time...

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...

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...