FAQs

Before we can look at your complaint, you must first try to resolve your complaint with your firm. Please make your complaint in writing so that we can establish a timeline of the events. Most complaints can be resolved by either the person you dealt with or by using the complaints process in the firm.

If you're not satisfied with how the firm proposes to resolve the complaint, you have the right to come to us.

We can investigate complaints consumers and small businesses have with their bank and investment firms that participate in our service. Complaints are wide ranging but can include:

• credit card issues, such as chargebacks or unauthorized transactions
• banking or loan issues related to transaction problems, loan penalties or information breakdowns
• investment issues related to common shares, mutual funds or scholarship trust funds such as suitability of investments, fee disclosure and service complaints

We can look at your complaint if 56 days have passed since you first complained to the bank or federal credit union in writing or 90 days have passed since you first complained to the investment firm or provincial credit union in writing and you have not heard from them or if you have received a final response but are still not satisfied. You have 180 calendar days to bring your complaint to us once you have received your final response in writing.

If your complaint is "out of mandate," it means we cannot investigate. Our Terms of Reference outlines in detail which types of complaints we cannot investigate, but here are some common examples:

• You waited more than 180 days to escalate your complaint to OBSI after receiving a final written response from the firm.
• You have commenced legal action and the subject matter is before the courts.
• You and the firm have already reached a settlement.
• The firm named in the complaint is not a participating member of OBSI.
• You did not raise the complaint with your firm within six years of when you knew or should have known about the issue.
• The complaint materially relates to a firm's risk management policies and practices, which includes things like:
  • the pricing of financial services by the firm, the general interest rate and risk management policies and practices of a participating firm.
  • the scale of fees or charges generally applicable to financial services offered to customers in similar circumstances.

We cannot provide financial or legal advice to consumers. Also, as an impartial and independent ombudsman, we will not advocate for either the consumer or participating firms.

Our CAOs answer consumer questions and help consumers navigate the complaint process until a case is assigned to an investigator. The CAO will ask you a number of questions to determine if your complaint is within our mandate. If a complaint is out of our mandate, the CAO will help you to understand why and provide any additional resources to help you if they are available.

Once your complaint has been assigned to an investigator, we strive to complete all our banking investigations within 90 calendar days and all our investment investigations within 120 calendar days. We complete most of our investigations well in advance of 90/120 days.

The investigator will gather information from you and your firm and review the facts of the case. They may ask you questions to better understand your complaint or ask you to send us additional documents. Our decisions are based on what's fair to both you and the firm. We are not an advocate for either party. Our investigation will consider general principles of good financial services and business practices, the law, regulator policies and guidance and any applicable professional body standards, codes of practice or codes of conduct.

Yes. An investigator will reach out to you shortly after receiving your file to introduce themselves and answer any questions. Throughout the investigation process, the investigator will contact you at least every 30 days to keep you updated on the progress of your complaint. We encourage you to contact your investigator at any time in the investigation process should you have any questions or concerns.

Generally, you will not be required to speak with the firm during our investigation process. We will let you know if you need to. For example, if a settlement is reached, you will need to contact the firm to arrange payment. However, we will provide you with information to assist you.

If you need to speak with them or any other institution that may be involved in your finances, you are free to do so.

Generally, we do not share documents received from the firm with the complainant, or vice versa, because our process is confidential. However, we may provide you or the firm a particular document if we feel it is important for the party to review it as part of our investigation.

The firm may ask you to sign a release before they will pay you. By signing the release, you agree that your problem has been resolved and that you will not pursue it further. This is an important document and you may wish to get professional advice before signing it. It is important to note that we do not normally get involved at this stage.

We do not recommend punishment or fines against firms or advisors. That is the role of regulators.

Sometimes we recommend limited compensation for non-financial losses, such as distress and inconvenience. We may also recommend that the firm help in other ways, such as correcting records or issuing an apology. We do not generally recommend compensation for things like time or effort. Our approach to non-financial loss can be found here.

We can recommend up to $350,000 for a single complaint. This amount does not increase when more than one account is involved. For example, if a consumer submits a complaint for their RRSP, non-registered and RESP accounts, the maximum we would be able to recommend for all accounts combined would be $350,000.

Our decisions are not binding and a firm is not required to follow our recommendation. However, if the firm refuses, we will make public that the firm did not comply with our recommendation. The consumer's name will not be mentioned. 

You can find a list of past firm refusals here.

You do not have to accept our recommendation. You can request that we reconsider our decision or conclusions if you disagree with our mandate decision or investigation conclusions, and:

• believe we failed to consider the issues or information you told us about
• have new information that you have not previously provided us with
• have reason to think our decision is unfair or unreasonable

We call these reconsideration requests. The reconsideration request must be made in writing by filling out our reconsideration request form. We must receive the form within 30 calendar days from the date of our letter informing you of our mandate decision or investigation conclusions. The decision of the Reconsideration Officer or Ombudsman is final. Please remember that when you use our services, you do not give up any of your legal rights to pursue resolution in other forums, such as the courts. 

You can find more information about the reconsideration process here.

By participating in our process, you do not give up your right to pursue resolution by other means. If you are considering legal action, speak with a lawyer as soon as possible. There are time limits, known as the limitation period, in which you can start a lawsuit. These periods vary between provinces.

For banking related complaints, you can contact the Financial Consumer Agency of Canada (FCAC). It ensures federally regulated financial entities comply with consumer protection measures and that consumers are aware of their rights and responsibilities. Any action the FCAC may take, however, does not include compensation for consumers.

For investment related complaints, if you think an individual or firm has broken the rules governing their services, you can also contact one of the investment regulators. Regulators investigate possible violations of securities law and can order reprimands, fines, suspensions and/or expulsion. Regulators may also work with the police if criminal activity, such as fraud, is suspected. However, regulators normally do not recover money for investors.

You can find links to regulatory websites on our Consumer Resources page.

Please see our What to Expect document for more information about what we need from you and what you can expect from us throughout the process.