News

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.

As a not-for-profit organization, OBSI recovers all of its budgeted operating expenses from its participating firms each year. OBSI's budget and the allocation of this budget between the different industry sectors that use OBSI's services is approved by OBSI's Board of Directors each September. Our board also considers fairness and the impact of fee changes on member firms when setting fees. A guiding principle is that no sector or registrant category should subsidize another.

Read OBSI's latest newsletter featuring our Q3 case statistics, an RESP case study, an approach about how OBSI deals with investment transfer delay cases, and our latest consumer bulletin on fraud.

Click here to read OBSI e-news: Q3/2023.

Ms. L had set up Registered Education Savings Plans (RESPs) for her two daughters, Ms. J and Ms. K. These accounts were set up as a family RESP with their investment firm with the understanding that if one child did not go to or complete post-secondary education, the other child would be entitled to the full amounts of the plans.

Financial fraud is rising – we all see reports of it every day in the news and our social media feeds, but it can be difficult to appreciate the risks and impacts of fraud when we have not had first-hand experience. It is important for everyone to understand how financial frauds take place and how to remain vigilant for ourselves and our loved ones. Opting out of financial services is not possible – these services are an essential part of managing our money and securing our financial future. Understanding how to participate in the system and protect ourselves is the key to avoiding becoming a victim.

Read OBSI's latest newsletter featuring our Q2 case statistics, a suitability case study, updates about our governance, and more.

Click here to read OBSI e-news: Q2/2023.

Have you considered the benefits of incorporating a link to our website in your complaint process guidance for your clients? If you haven’t already, the top three reasons to include a live OBSI link are