Invitation to Comment on the Independent Evaluation of OBSI
JANUARY 6, 2016

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. The scope excludes banking-related complaints.

Deborah Battell, who has formerly held the roles of New Zealand Banking Ombudsman, Director of Fair Trading and Competition enforcement at the New Zealand Commerce Commission, and Senior Consultant at KPMG has been appointed by the OBSI Board to conduct the independent evaluation, a decision accepted by the CSA in consultation with the Joint Regulators Committee.

All stakeholders are invited to comment.

Terms of Reference


Life Insurance on Lines of Credit Denied

Mrs. A’s husband passed away in 2008 leaving her the sole beneficiary of his estate. After his passing, Mrs. A submitted life insurance claims for $88,000 covering the two lines of credit (LOC) that her late husband had taken out in 2000 at their bank.