News

Everyone is a potential victim of fraud and should take steps to protect themselves and their loved ones. Every day, fraudsters target consumers with elaborate scams that exploit familiar technology such as text and email.

Toronto, July 10, 2020 – OBSI’s Board of Directors welcomes the proposal of Ontario's Capital Markets Modernization Taskforce to give OBSI the power to require investment firms to pay fair compensation to harmed investors when warranted, and increase the limit on OBSI’s compensation recommendations.

Read OBSI's latest newsletter for updates on our service and outlook during the COVID-19 pandemic, two new approaches, our stats for this quarter, and more.

Like all our stakeholders, at OBSI we are working hard to continue to deliver our services and fulfill our mandate during the COVID-19 pandemic, and we are closely monitoring the challenges and events affecting our business environment.

Banks will not restrict a person’s access to their own money and credit until they have the required legal documentation to transfer control to someone else. It is important for everyone, but especially seniors, to plan ahead for how their finances will be taken care of if they need help.

Toronto, May 28, 2020 – Today, the Board of Directors for the Ombudsman for Banking Services and Investments (OBSI) approved changes to the organization’s Bylaw to require at least one director to be designated a Consumer Interest Director.

During times of economic uncertainty, people often feel stressed about their finances. They spend more time thinking and worrying about money. Many will face unexpected expenses or loss of employment and lose the sense of security they had with their banks or firms. This may lead to concerns about being treated fairly.

Recent financial market turmoil has created an exceptionally challenging environment for financial firms and their customers. Past market downturns have demonstrated that in such difficult times, consumer complaints increase, placing an additional strain on firm resources.

OBSI is committed to conducting impartial investigations and recommending fair outcomes for both firms and consumers. When consumers escalate their complaints to OBSI, firms are obligated to participate in our process in good faith. 

The coronavirus pandemic is affecting the lives of people across Canada and OBSI is here to help if we can. We created a page on our website with key information for consumers and financial firms who use our service.