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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.

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.