News

OBSI today announced the refusal of Sentinel Financial Management Corp. (Sentinel Financial) to compensate an investor $128,799 for losses caused by an advisor working for Sentinel recommending unsuitable investments.

The financial concerns commonly faced by seniors are at the forefront of Canadians’ minds during senior’s month, 2016. Many investing seniors are seeking to maximise their retirement income.

Stretching your hard earned savings becomes more important as you approach retirement. If you have a financial advisor, you can work with them to explore investment options that may help to maximize your retirement income.

Is it true that “seniors cannot afford to take any risks” when it comes to investing?

We often receive complaints from seniors about investments that have lost money, and some suggest that any high risk investments should have been considered unsuitable by their investment advisor. 

OBSI released the results of an independent evaluation of its operations and practices for investment-related complaints.

OBSI underwent an independent evaluation of operations and practices for investment-related complaints in 2016.

Below please find all news items and documents related to the public consultation process of the independent evaluation.

OBSI has released its 2015 Annual Report. Overall complaint volumes remained stable, however, banking-related complaints increased and investment-related complaints decreased, continuing a trend of the past two years.

OBSI’s Board of Directors is pleased to announce the election of four new community directors following the recent annual general meeting held on February 29, 2016 in Toronto. The four directors come from across Canada, bringing a diversity of skills and experience from both the public and private sectors.

In accordance with the ‘Memorandum of Understanding concerning oversight of the Ombudsman for Banking Services and Investments’ (MOU) between the Canadian Securities Administrators (CSA) and the Ombudsman for Banking Services and Investments (OBSI), OBSI is required to submit itself to an independent evaluation of its operations and practices for investment-related complaints commencing no later than May 1, 2016. The scope excludes banking-related complaints.

In accordance with the ‘Memorandum of Understanding concerning oversight of the Ombudsman for Banking Services and Investments’ (MOU) between the Canadian Securities Administrators (CSA) and the Ombudsman for Banking Services and Investments (OBSI), OBSI is required to submit itself to an independent evaluation of its operations and practices for investment-related complaints commencing no later than May 1, 2016.