News

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.

Toronto, March 1, 2024 – The Board of Directors for the Ombudsman for Banking Services and Investments (OBSI) is pleased to announce four appointments to the board.

Read OBSI's latest newsletter featuring our Q4 and fiscal 2023 case statistics.

Click here to read OBSI e-news: Q4/2023.

Mr. G had been a loyal business customer of his bank for 30 years. He trusted the bank with his business’ financial matters, and they had always maintained a good relationship.

Toronto, October 17, 2023 – In a significant development today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that the Ombudsman for Banking Services and Investments (OBSI) has been selected as the single external complaints body for Canada, with the mandate to investigate and resolve complaints between Canadian banks and consumers.