The Ombudsman for Banking Services and Investments (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.
“In 2015, OBSI received nearly 5,300 inquiries from Canadian consumers. From these initial inquiries, we opened and investigated 571 cases, nearly the same number as we investigated in 2014. We saw a significant shift, however, in the nature of these cases, with a 21% increase in banking cases. We facilitated settlements or recommended compensation in 35% of the files we closed, and the total amount of compensation we recommended was $4.66 million,” says Ombudsman and CEO, Sarah P. Bradley.
OBSI received multiple complaints over a short period about an investment firm and Mr. V, an investment advisor and branch manager. The complainants had no connection to one another other than having Mr. V as their advisor.