Posts by Ombudsman For Banking Services and Investments

One year after signing for a five-year term mortgage, the client decided to list her property for sale. At the time of closing, she discovered that a substantial penalty was charged by the bank in order to pay out her mortgage. The client had been under the impression that the mortgage prepayment penalty would equal three months' interest. She was prepared to pay that amount but was surprised to find out later that the actual penalty would be based on an Interest Rate Differential, resulting in a much larger penalty amount.

Due to his impending divorce, a client went to a local bank branch to remove the credit room available on a joint personal line of credit by reducing the limit to an amount just above the outstanding balance. The client was advised that it may take up to five business days for the paperwork to go through but that the changes had been made.

An 82-year-old woman received a letter from her friend in which the friend admitted she took $1,940 from the client's bank account before leaving the country. The client immediately informed both the police and her bank.

The Ombudsman for Banking Services and Investments (OBSI) appoints Douglas Melville as new Ombudsman and CEO

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