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.
Read OBSI's latest newsletter for information on our service during the COVID-19 pandemic, updates to our website, our stats for the first quarter of 2020, and more.
As part of OBSI’s digital transformation, we are developing a website-based Consumer Portal to provide additional value to consumers who submit an online complaint to us.
Ensuring that our services are available and accessible to consumers of all abilities is critical to OBSI’s mission.
This issue is your first look at the changes we have made to the OBSI quarterly newsletter. We hope you will find it more accessible and easier to quickly navigate to the topics of interest to you.
This website uses cookies to enhance usability and provide you with a more personal experience. By using this website, you agree to our use of cookies as explained in our Privacy Policy.
