OBSI News

Becksley Capital Inc. refuses to compensate investor for losses

Toronto, December 1, 2020 - The Ombudsman for Banking Services and Investments (OBSI) today announced the refusal of Becksley Capital Inc. (Becksley) to compensate an investor $33,055 for losses caused by the firm’s sale of unsuitable investments.

Becksley is an exempt market dealer based in Richmond Hill, Ontario.

At the time of the investment, Mr. J was a 37-year old skilled tradesman with a high school education. Mr. J had an income of $69,000 and a net worth of less than $100,000.

On the advice...

OBSI launches new Consumer Portal to provide improved consumer experience

Toronto, November 18, 2020 – OBSI announced the launch of a new Consumer Portal and improved online experience for consumers, our most recent investments in technology to help make the complaint process easier for consumers and give them convenient online access to their case details all in one place.

With these new systems, consumers who prefer to interact with OBSI electronically will benefit from an improved experience and self-service options. Consumers can submit their complaints...

OBSI releases Report on Income and Canadian Financial Consumer Complaints

Toronto, October 29, 2020 – The services of the Ombudsman for Banking Services and Investments (OBSI) are more likely to be accessed by lower- and middle-income Canadians than wealthier Canadians, according to the organization’s just released Report on Income and Canadian Financial Consumer Complaints. The report also found that the cases brought forward by these consumers are as likely to be resolved in their favour, and for as much financial compensation, as cases brought forward by those...

OBSI e-News: Q3/2020

Read OBSI's latest newsletter for information on our recent firm refusal, case statistics, bulletins, regulatory news, and more. 

Click here to read OBSI e-News: Q3/2020.

Firm Bulletin: 2021 fees for participating firms

How OBSI fees are determined

Participating firm fees are set annually by the OBSI Board of Directors in accordance with our corporate Bylaw. As a not-for-profit organization, participating firm fees fund all our operations and are set on a cost-recovery basis.

Each year, we establish a fee target based on our budget for the coming year and divide that fee target between the sectors of firms that use our service. The division of fees among the different sectors is based on the proportion of OBSI resources...