Posted on Thursday, September 24, 2020 09:15 AM
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...
Posted on Tuesday, September 08, 2020 12:00 PM
The Ombudsman for Banking Services and Investments (OBSI) is pleased to provide our comments to the Ontario Capital Markets Modernization Taskforce (Taskforce) on certain proposals contained in the Taskforce’s recent consultation report.
Posted on Thursday, August 27, 2020 12:00 PM
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
Posted on Friday, July 10, 2020 11:00 AM
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...