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Terms of Reference updated to reflect recent Bank Act change
Posted on Tuesday, August 02, 2022 09:22 AM
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...
Independent Evaluation of OBSI’s Investment Complaints Mandate Released
Posted on Monday, June 13, 2022 10:17 AM
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...
OBSI e-News: Q1/2022
Posted on Wednesday, May 18, 2022 01:22 PM
Read OBSI's latest newsletter featuring news about cases declining during the first quarter, the publication of our 25th anniversary report and our 2021 annual report, our response to IIROC's request for comment, and more.
Click here to read OBSI e-news: Q1/2022.
OBSI Board welcomes Canadian government’s decision to establish a single ombudsman for banks
Posted on Friday, April 08, 2022 09:43 AM
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...
OBSI releases 25th Anniversary Report: a look back at its evolution and financial complaint trends
Posted on Thursday, March 31, 2022 09:17 AM
Toronto, March 31, 2022 – The Ombudsman for Banking Services and Investments (OBSI) has released a report to commemorate 25 years of financial services ombudsmanship in Canada and to reflect on the organization’s growth, accomplishments, and challenges since opening its doors in 1996.
“Throughout its 25-year history, OBSI has worked with financial sector regulators, firms, industry, and consumer groups to establish and strengthen access to independent ombuds services for Canadian financial consumers,”...
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