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  • OBSI hosts annual meeting of financial services ombuds from around the world

    OBSI is honoured to host financial services ombudsmen from around the world at the 2024 annual conference of the International Network of Financial Services Ombudsman Schemes (INFO Network), which is taking place in Toronto from September 29 to October 2, 2024.

  • Approach to Loss Calculation - Illiquid Exempt Market Securities (2024)

    OBSI is seeking input from stakeholders and the public in relation to our approach to calculating investor losses in cases involving unsuitable sales of illiquid exempt market securities. We seek input from our stakeholders and other interested parties on the processes we currently use to help us determine whether there are better alternative approaches we should adopt in such cases.

  • OBSI consultation on loss calculation for complaints involving unsuitably sold illiquid exempt market securities – request for public comment

    September 26, 2024 – The Ombudsman for Banking Services and Investments (OBSI) is now seeking input from stakeholders and the public in relation to our approach to calculating investor losses in cases involving unsuitable sales of illiquid exempt market securities. This consultation is focused on assessing the process we currently use and helping us determine whether there are better alternative approaches we should adopt in such cases. This consultation was recommended in our 2021 independent expert external review. OBSI remains committed to improving its approaches and practices wherever possible.

  • OBSI launches new website

    We are pleased to announce the launch of our refreshed website. This update brings a contemporary design and user experience to OBSI.ca, making it easier and more intuitive for consumers and firms to access the information and tools they need.

  • OBSI e-News: Q2/2024

    Read OBSI's latest newsletter featuring our Q2 case statistics, a new case study, answers to your questions about the single ECB transition and a governance announcement.

    Click here to read OBSI e-news: Q2/2024.

  • OBSI announces search for two new board members

    We will soon be launching a search for two qualified professionals to join our Board of Directors to fill one current and one expected vacancy. The positions to be filled are for one Industry Director and one Consumer Interest Director. To ensure an open search process and that we are able to identify the best candidates, as part of our search process, we will engage with industry associations and consumer advocacy groups for potential candidate recommendations.

  • Investor accepts low settlement offer by firm despite significant losses from unsuitable investments

    Mr. G, a conservative investor with a modest income and limited investment knowledge, wanted to see growth on his retirement savings. His investments were initially held at Bank ABC where Mr. G thought the fees were too high and the returns were too low. When Mr. G met Mr. U socially, Mr. U said he was an advisor at Firm XYZ, and convinced Mr. G to switch to his firm by promising lower fees and the potential for better returns. Mr. G trusted Mr. U because he was an advisor at a credible firm. In the summer of 2016, Mr. G opened two accounts at Firm XYZ. He transferred $44,000 into a LIRA (locked-in retirement account) and $121,000 into an RRSP (registered retirement savings plan). 

  • OBSI e-News: Q1/2024

    Read OBSI's latest newsletter featuring our Q1 case statistics, two new case studies and announcements about our annual report and changes to our board.

    Click here to read OBSI e-news: Q1/2024.

  • Transfer delays lead to additional costs when settling father’s estate

    Ms. W was the executor of her father’s estate and was required to file his final tax return. After filing the return in late May, Ms. W received the Notice of Assessment which indicated that her father’s estate owed taxes to the Canadian Revenue Agency (CRA). The estate included several investment accounts at Firm A and Firm B, both of which held securities and cash. After withdrawing the full amount of cash available in the accounts, Ms. W needed to sell more securities to cover the remaining balance owed to the CRA.

  • Consumer a victim of fraud but bank not responsible for loss

    Mr. E had a personal chequing and savings account at Bank Y. He enjoyed the convenience of online banking on his laptop and cell phone, and often accessed his bank accounts using Bank Y’s mobile application. Through e-mail, he received notifications from the bank about his account activity and liked being able to confirm account balances online. Mr. E had been a Bank Y customer for over 40 years.


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