For over 25 years, OBSI has served as Canada's trusted, independent financial ombudsman, acting as an impartial and fair investigator of banking and investments related complaints. We are proud to mark 2021 as our 25th year of operations. We continue to deliver high-quality dispute resolution services free to consumers with complaint 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.
| 2021 - Case volumes rise to highest-ever levels |
| Global pandemic crisis continues and case volumes rise to highest-ever levels. All case timelines maintained with no backlog. |
| 2020 - COVID-19 pandemic causes market disruptions and significant case openings |
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OBSI launches new Consumer Portal Pandemic causes market disruptions and significant case openings Consumer Interest Director appointed to OBSI Board |
| 2019 - Firm Portal launches |
| OBSI launches new Firm Portal to provide new digital tools for 1,400+ participating firms |
| 2018 - OBSI board approves new Terms of Reference |
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OBSI board approves new Terms of Reference following public consultation Organization moves to entirely cloud-based digital workflows |
| 2017 - New consumer-friendly website and social media strategy launched |
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New consumer-friendly website and social media strategy launched Organization-wide focus on plain language communication |
| 2016 - OBSI celebrates its 20th year of operations serving Canadians |
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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 |
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2015 - Sarah P. Bradley is appointed Ombudsman & CEO |
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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 |
| 2014 - Number of participating firms increase to around 1,500 |
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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 |
| 2013 - Number of member banks increase 15% |
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Overwhelming majority of Canadian banks continue to participate in OBSI Number of member banks increase 15% |
| 2012 - Amendments proposed that would require registered dealers/advisors outside Québec to use OBSI |
| 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. |
| 2011 - International Network of Financial Services Ombudsman Schemes |
| OBSI hosts the International Network of Financial Services Ombudsman Schemes in Vancouver and Whistler |
| 2010 - The global financial crisis continues to have an impact |
| The global financial crisis continues to have an impact with over 1,000 new cases opened in the year |
| 2009 - The global financial crisis contributes to a 200% increase in opened cases |
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Douglas Melville is appointed Ombudsman & CEO The global financial crisis contributes to a 200% increase in opened cases: 990 new investigations are initiated |
| 2008 - OBSI experiences a large jump in complaints |
| For the second consecutive year, OBSI experiences a large jump in complaints and a record year for investigations opened |
| 2007 - There is a 40% increase in investigations opened |
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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 |
| 2006 - The Saskatchewan credit union system joins OBSI |
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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 |
| 2005 - International Conference of Financial Ombudsmen |
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David Agnew is appointed as Ombudsman & CEO OBSI hosts the International Conference of Financial Ombudsmen in Toronto |
| 2004 - Number of participating firms reaches 500 |
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Number of participating firms reaches 500 OBSI continues to investigate complaints concerning all retail banking services as well as securities and mutual funds issues |
| 2003 - The number of investigations increases 76% |
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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 |
| 2002 - CBO changes its name |
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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 |
| 2001 - Number of participating banks more than triple to 35 |
| Banks continue to join CBO; number of participating banks more than triple to 35 |
| 2000 - CBO participates in discussions on the future of independent dispute resolution |
| CBO participates in discussions on the future of independent dispute resolution in the financial sector |
| 1999 - The CBO website receives tens of thousands of visitors |
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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 |
| 1998 - Number of inquiries and investigations increase |
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Increased awareness of CBO and the ombudsman dispute resolution process Number of inquiries and investigations increase |
| 1997 - Mandate quickly expands to include complaints from retail consumers |
| Mandate quickly expands to include complaints from retail consumers - everyday Canadians - that have a complaint against a participating bank |
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1996 - The Canadian Banking Ombudsman (CBO) is created |
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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 |