News

As a not-for-profit organization, OBSI recovers all of its budgeted operating expenses from its participating firms each year. OBSI's budget and the allocation of this budget between the different industry sectors that use OBSI's services is approved by OBSI's Board of Directors each September. Our board also considers fairness and the impact of fee changes on member firms when setting fees. A guiding principle is that no sector or registrant category should subsidize another.

OBSI is changing the methodology used to allocate fees for CIRO regulated firms. The changes are intended to improve administrative efficiency, fee transparency and fee predictability for firms.

The total amount charged to the CIRO sector as a whole will not change as a result of adoption of the new methodology. However, how we allocate this amount among firms in the sector is changing. The changes will take effect in fiscal 2027.

Read OBSI's latest newsletter featuring Q2 2026 case data and insights, two new case studies involving unsuitable investments and mortgage insurance disclosure, an update on OBSI's Early Resolution initiative, and the release of the 2026 Independent External Review.

Click here to read OBSI e-news: Q2/2026.

Toronto, July 22, 2026 – Today, the Ombudsman for Banking Services and Investments (OBSI) released the results of the 2026 Independent Evaluation of its operations and practices for both banking and investment-related complaints. The full report can be found here.

We are pleased to announce that OBSI is implementing its Early Resolution initiative on an ongoing basis.

This initiative is designed to encourage firms to resolve complaints directly with consumers as early as possible in the OBSI process. As noted when the pilot was launched on November 1, 2025, early settlement of complaints can enhance consumer satisfaction and reduce resource demands, benefiting all users of our service.

Ms. Y opened a managed investment account with an advisor at an investment firm and transferred her entire life savings of $253,000. At the time, she was middle-aged, a single parent of four dependent children, and the owner of a small business with a net worth of $600,000. Her documentation showed she had a medium-risk tolerance, a willingness to accept losses of 10 to 15%, and limited investment knowledge and investment experience. She relied entirely on her advisor for investment advice, and he exercised full discretionary authority over her accounts.

Mr. and Ms. D wanted to purchase a home and applied for a mortgage. Because their down payment was less than 20% of the purchase price, the mortgage was required to be insured under Canadian mortgage rules, and the bank arranged mortgage insurance as part of the financing.

Read OBSI's latest newsletter featuring our Q1 2026 case data & insights, OBSI’s response to the Department of Finance’s National Anti-Fraud Strategy Consultation, Enhancements to the OBSI Firm Portal, a new case study, and the release of our 2025 Annual Report.

Click here to read OBSI e-news: Q1/2026.