Our History

For 30 years, OBSI has served as Canada's trusted, independent financial ombudsman, acting as an impartial and fair investigator of banking and investment-related complaints. We continue to deliver high-quality dispute resolution services free to consumers with complaints they can't resolve with their banking services or investment firms. We work with our participating firms, regulators, and other stakeholders to ensure a strong financial consumer protection framework in Canada.

OBSI’s 25th Anniversary Report: A retrospective look at the organization’s evolution and complaint trends in Canada’s financial services sector

OBSI celebrates its 30th anniversary as Canada's trusted, independent financial ombudsman for banking – and investment-related complaints.  

OBSl's Ombudsman and CEO Sarah Bradley is elected as the new chair of INFO.

Consumer demand for OBSI’s services reaches a new all-time high with over 25,000 consumer inquiries and over 6,000 investigations opened. 

All Manitoba and Atlantic Canada credit unions join OBSI’s dispute resolution service.  

CSA holds its second consultation on the proposed framework for binding authority for OBSI. 

OBSI works with FCAC, participating banks and other stakeholders to ensure a smooth transition for the returning banks and their consumers. 

OBSI hosts the 2024 annual INFO conference in Toronto, welcoming financial services ombudsmen from around the world.  

CSA publishes its first consultation on a proposed framework for binding authority for OBSI.   

OBSI responds to over 17,000 consumer inquiries, providing timely and accurate information to help with the resolution of consumer concerns.  

Consumer demand reaches new record high levels with over 3,000 cases opened. 

OBSI publishes its 2022-2026 Strategic Plan.  

OBSI increases the number of Consumer Interest Directors on its Board of Directors from one to three. 

OBSI launches its Data Cube, a new online interactive digital disclosure tool, on its website.  

All BC credit unions join OBSI’s dispute resolution service. 

The global pandemic crisis continues.  

The number of opened cases surpasses post-financial crisis case volumes.  

OBSI’s renewed infrastructure and processes perform well under this pressure with all case timelines maintained.  

OBSI commemorates 25 years as Canada’s trusted financial services ombudsman.  

OBSI receives positive feedback and strong endorsement in two concurrent independent reviews to evaluate its operations and mandate for banking and investments. 

OBSI seamlessly transitions to remote services.  

OBSI launches new Consumer Portal as a tool to help make the complaint process easier for consumers.  

FCAC releases its reviews of the complaint-handling operations of banks and ECBs, raising concerns about the competitive nature of Canada’s a multiple ECB framework.  

A dedicated Consumer Interest Director is appointed to OBSI’s Board of Directors.

OBSI launches new Firm Portal to provide new digital tools for 1,400+ participating firms

OBSI board approves new Terms of Reference following public consultation

Organization moves to entirely cloud-based digital workflows

New consumer-friendly website and social media strategy launched

Organization-wide focus on plain language communication

OBSI celebrates its 20th year of operations serving Canadians: helping to resolve disputes between consumers and their banking services and investment firms

Receives positive independent review and announces 5-year strategic plan

New state-of-the-art case management system launched

Sarah P. Bradley is appointed Ombudsman & CEO

Receives approval as an External Complaints Body under new federal regulations for banking-related complaints

All provincial and territorial securities regulators are signatories to the Memorandum of Understanding concerning oversight of the Ombudsman for Banking Services and Investments which provides for securities regulatory oversight of OBSI as well as a framework for cooperation and communication

Amendments to NI 31-103 take effect, requiring all registered dealers and advisors outside Québec to use OBSI as their dispute resolution service

Exempt market dealers, portfolio managers, and scholarship plan dealers, in addition to all other registered dealers and advisors, to use OBSI as their common dispute resolution service

Number of participating firms increase to around 1,500

Overwhelming majority of Canadian banks continue to participate in OBSI

Number of member banks increase 15%

The Canadian Securities Administrators (CSA) proposes amendments to National Instrument 31-103 (NI31-103) that would require all registered dealers and advisors outside of Québec to use OBSI as their dispute resolution service.

OBSI hosts the International Network of Financial Services Ombudsman Schemes in Vancouver and Whistler

The global financial crisis continues to have an impact with over 1,000 new cases opened in the year

Douglas Melville is appointed Ombudsman & CEO

The global financial crisis contributes to a 200% increase in opened cases: 990 new investigations are initiated

For the second consecutive year, OBSI experiences a large jump in complaints and a record year for investigations opened

Several Alberta credit unions join as well as members of the RESP Dealers Association of Canada

Number of participating firms reaches 650

The Framework for Collaboration is established with financial market regulators

There is a 40% increase in investigations opened compared to the previous year

The Saskatchewan credit union system joins OBSI, giving its more than 500,000 members access to an independent and impartial dispute resolution service for unresolved complaints

Outreach program initiatives focus on informing consumers and investors of the Ombudsman process and how we can help

David Agnew is appointed as Ombudsman & CEO

OBSI hosts the International Conference of Financial Ombudsmen in Toronto

Number of participating firms reaches 500

OBSI continues to investigate complaints concerning all retail banking services as well as securities and mutual funds issues

OBSI experiences a surge in investment-related complaints a year into its expanded mandate

There is a 50% increase in the number of Canadians contacting our office

The number of investigations increases 76%, opening more than 500 cases for the first time in its history

CBO changes its name to the Ombudsman for Banking Services and Investments (OBSI)

Mandate expands to include 450 investment dealers, mutual fund dealers, and investment fund companies

All members of the Investment Industry Regulatory Organization of Canada (then the Investment Dealers Association of Canada) and the Mutual Fund Dealers Association of Canada are required to join

Many federally regulated trust and loan companies as well as members of the Investment Funds Institute of Canada also join

Banks continue to join CBO; number of participating banks more than triple to 35

CBO participates in discussions on the future of independent dispute resolution in the financial sector

Increased complexity of complaints amid greater consumer awareness and attention to improving the complaint handling process within industry

The CBO website receives tens of thousands of visitors looking for information on submitting a complaint

Increased awareness of CBO and the ombudsman dispute resolution process

Number of inquiries and investigations increase

Mandate quickly expands to include complaints from retail consumers - everyday Canadians - that have a complaint against a participating bank

The Canadian Banking Ombudsman (CBO) is created

Michael Lauber is appointed Ombudsman & CEO

Initial mandate covers unresolved small business complaints against nine participating banks

18 investigations are carried out

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