Posts by Ombudsman For Banking Services and Investments

OBSI appoints Douglas Melville as new Ombudsman and CEO

New consent letter - Complaint

From the Ombudsman's desk • OBSI-AMF Communiqué • Proposed new statistical reporting • Case Study- Suitability • OBSI Outreach

The clients, a married couple in their early 50s, received a $650,000 settlement from a car accident which permanently disabled the husband. They consulted with an investment advisor about how to invest the money.

David Agnew stepping down as Ombudsman

Terms of Reference Update

Complaint numbers take large jump: OBSI

From the Ombudsman’s desk • Case Study: Credit Card Fraud • Serving a diverse population

The client had worked at a public utility for about 15 years when he changed careers to become a teacher. After leaving his job, the client received a benefit statement for his utility pension, which he sent to his financial advisor. The advisor told him that he could transfer the pension to a locked-in retirement account (LIRA) and helped him complete the transfer documents.

The client was a sophisticated investor, and recently started dealing with a new advisor and a new firm. Her investment objectives were 100% capital gain and she had a medium to high tolerance for risk. She also had a high level of investment knowledge and experience.