News

OBSI is seeking input from stakeholders and the public in relation to our approach to calculating investor losses in cases involving unsuitable sales of illiquid exempt market securities. We seek input from our stakeholders and other interested parties on the processes we currently use to help us determine whether there are better alternative approaches we should adopt in such cases.

September 26, 2024 – The Ombudsman for Banking Services and Investments (OBSI) is now seeking input from stakeholders and the public in relation to our approach to calculating investor losses in cases involving unsuitable sales of illiquid exempt market securities. This consultation is focused on assessing the process we currently use and helping us determine whether there are better alternative approaches we should adopt in such cases. This consultation was recommended in our 2021 independent expert external review. OBSI remains committed to improving its approaches and practices wherever possible.

We are pleased to announce the launch of our refreshed website. This update brings a contemporary design and user experience to OBSI.ca, making it easier and more intuitive for consumers and firms to access the information and tools they need.

Read OBSI's latest newsletter featuring our Q2 case statistics, a new case study, answers to your questions about the single ECB transition and a governance announcement.

Click here to read OBSI e-news: Q2/2024.

We will soon be launching a search for two qualified professionals to join our Board of Directors to fill one current and one expected vacancy. The positions to be filled are for one Industry Director and one Consumer Interest Director. To ensure an open search process and that we are able to identify the best candidates, as part of our search process, we will engage with industry associations and consumer advocacy groups for potential candidate recommendations.

Mr. G, a conservative investor with a modest income and limited investment knowledge, wanted to see growth on his retirement savings. His investments were initially held at Bank ABC where Mr. G thought the fees were too high and the returns were too low. When Mr. G met Mr. U socially, Mr. U said he was an advisor at Firm XYZ, and convinced Mr. G to switch to his firm by promising lower fees and the potential for better returns. Mr. G trusted Mr. U because he was an advisor at a credible firm. In the summer of 2016, Mr. G opened two accounts at Firm XYZ. He transferred $44,000 into a LIRA (locked-in retirement account) and $121,000 into an RRSP (registered retirement savings plan). 

Read OBSI's latest newsletter featuring our Q1 case statistics, two new case studies and announcements about our annual report and changes to our board.

Click here to read OBSI e-news: Q1/2024.

Ms. W was the executor of her father’s estate and was required to file his final tax return. After filing the return in late May, Ms. W received the Notice of Assessment which indicated that her father’s estate owed taxes to the Canadian Revenue Agency (CRA). The estate included several investment accounts at Firm A and Firm B, both of which held securities and cash. After withdrawing the full amount of cash available in the accounts, Ms. W needed to sell more securities to cover the remaining balance owed to the CRA.

Mr. E had a personal chequing and savings account at Bank Y. He enjoyed the convenience of online banking on his laptop and cell phone, and often accessed his bank accounts using Bank Y’s mobile application. Through e-mail, he received notifications from the bank about his account activity and liked being able to confirm account balances online. Mr. E had been a Bank Y customer for over 40 years.

Toronto, March 15, 2024 – The Ombudsman for Banking Services and Investments (OBSI) released its 2023 Annual Report.