News

OBSI’s Board of Directors is pleased to announce two appointments to the Consumer and Investor Advisory Council (CIAC).

Unfortunately, not all frauds are committed by strangers. “Familiar fraud” refers to situations where someone who has access to the personal information and financial documents of a family member or close friend assumes their identity to gain access to money in their accounts.

The Ombudsman for Banking Services and Investments (OBSI) today announced the refusal of Becksley Capital Inc. (Becksley) to compensate an investor $33,055 for losses caused by the firm’s sale of unsuitable investments.

OBSI announced the launch of a new Consumer Portal and improved online experience for consumers, our most recent investments in technology to help make the complaint process easier for consumers and give them convenient online access to their case details all in one place.

Investment suitability is not determined on the basis of losses. 

Financial advisors are responsible for providing sound investment advice to match the financial needs and goals of their clients.

Before signing a mortgage  agreement, consumers should take the time to read through their mortgage documents.

Toronto, October 29, 2020 – The services of the Ombudsman for Banking Services and Investments (OBSI) are more likely to be accessed by lower- and middle-income Canadians than wealthier Canadians, according to the organization’s just released Report on Income and Canadian Financial Consumer Complaints.

Read OBSI's latest newsletter for information on our recent firm refusal, case statistics, bulletins, regulatory news, and more. 

Participating firm fees are set annually by the OBSI Board of Directors in accordance with our corporate Bylaw. As a not-for-profit organization, participating firm fees fund all our operations and are set on a cost-recovery basis.