OBSI Board Announces New Chair of the Consumer and Investor Advisory Council
Posted on Monday, October 05, 2020 10:15 AM
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...
Consumer Bulletin: Validate a power of attorney before it is needed
Posted on Thursday, October 01, 2020 10:00 AM
It is something none of us wants to think about – what will happen if I or someone I care about becomes ill and needs assistance with our finances?
Planning for this type of situation is important for everyone, but it becomes even more of a priority with age. In a situation where you fall ill, need assistance with your finances or are no longer capable of managing them at all, a Power of Attorney (POA) is a legal document that allows a trusted friend or relative to make decisions about money and...
OBSI Board Announces New Consumer Interest Director
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...
OBSI's Response to Ontario Capital Markets Taskforce Consultation
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.
Please click here to read our response.
WealthTerra refuses to compensate investor for losses
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...