Our History

Global pandemic crisis continues and case volumes rise to highest-ever levels. All case timelines maintained with no backlog.

OBSI launches new Consumer Portal

Pandemic causes market disruptions and significant case openings

Consumer Interest Director appointed to OBSI Board

OBSI launches new Firm Portal to provide new digital tools for 1,400+ participating firms

OBSI board approves new Terms of Reference following public consultation

Organization moves to entirely cloud-based digital workflows

New consumer-friendly website and social media strategy launched

Organization-wide focus on plain language communication

OBSI celebrates its 20th year of operations serving Canadians: helping to resolve disputes between consumers and their banking services and investment firms

Receives positive independent review and announces 5-year strategic plan

New state-of-the-art case management system launched

Sarah P. Bradley is appointed Ombudsman & CEO

Receives approval as an External Complaints Body under new federal regulations for banking-related complaints

All provincial and territorial securities regulators are signatories to the Memorandum of Understanding concerning oversight of the Ombudsman for Banking Services and Investments which provides for securities regulatory oversight of OBSI as well as a framework for cooperation and communication

Amendments to NI 31-103 take effect, requiring all registered dealers and advisors outside Québec to use OBSI as their dispute resolution service

Exempt market dealers, portfolio managers, and scholarship plan dealers, in addition to all other registered dealers and advisors, to use OBSI as their common dispute resolution service

Number of participating firms increase to around 1,500

Overwhelming majority of Canadian banks continue to participate in OBSI

Number of member banks increase 15%

The Canadian Securities Administrators (CSA) proposes amendments to National Instrument 31-103 (NI31-103) that would require all registered dealers and advisors outside of Québec to use OBSI as their dispute resolution service.

OBSI hosts the International Network of Financial Services Ombudsman Schemes in Vancouver and Whistler

The global financial crisis continues to have an impact with over 1,000 new cases opened in the year

Douglas Melville is appointed Ombudsman & CEO

The global financial crisis contributes to a 200% increase in opened cases: 990 new investigations are initiated

For the second consecutive year, OBSI experiences a large jump in complaints and a record year for investigations opened

Several Alberta credit unions join as well as members of the RESP Dealers Association of Canada

Number of participating firms reaches 650

The Framework for Collaboration is established with financial market regulators

There is a 40% increase in investigations opened compared to the previous year

The Saskatchewan credit union system joins OBSI, giving its more than 500,000 members access to an independent and impartial dispute resolution service for unresolved complaints

Outreach program initiatives focus on informing consumers and investors of the Ombudsman process and how we can help

David Agnew is appointed as Ombudsman & CEO

OBSI hosts the International Conference of Financial Ombudsmen in Toronto

Number of participating firms reaches 500

OBSI continues to investigate complaints concerning all retail banking services as well as securities and mutual funds issues

OBSI experiences a surge in investment-related complaints a year into its expanded mandate

There is a 50% increase in the number of Canadians contacting our office

The number of investigations increases 76%, opening more than 500 cases for the first time in its history

CBO changes its name to the Ombudsman for Banking Services and Investments (OBSI)

Mandate expands to include 450 investment dealers, mutual fund dealers, and investment fund companies

All members of the Investment Industry Regulatory Organization of Canada (then the Investment Dealers Association of Canada) and the Mutual Fund Dealers Association of Canada are required to join

Many federally regulated trust and loan companies as well as members of the Investment Funds Institute of Canada also join

Banks continue to join CBO; number of participating banks more than triple to 35

CBO participates in discussions on the future of independent dispute resolution in the financial sector

Increased complexity of complaints amid greater consumer awareness and attention to improving the complaint handling process within industry

The CBO website receives tens of thousands of visitors looking for information on submitting a complaint

Increased awareness of CBO and the ombudsman dispute resolution process

Number of inquiries and investigations increase

Mandate quickly expands to include complaints from retail consumers - everyday Canadians - that have a complaint against a participating bank

The Canadian Banking Ombudsman (CBO) is created

Michael Lauber is appointed Ombudsman & CEO

Initial mandate covers unresolved small business complaints against nine participating banks

18 investigations are carried out