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
Mr. Z was concerned that his Guaranteed Investment Certificates (GICs) earned very little interest due to low interest rates at the time and decided to look for better investment options. He sought the help of Mr. F, a registered investment advisor, to explore investment products that could provide a higher rate of return. Mr. Z wanted his investments to grow over the long term. He had a low tolerance for risk and no immediate need for the money in his investments. To guide their discussion, Mr. F documented Mr. Z's investment goals and risk preferences in his file.
Toronto, June 26, 2023 – The Ombudsman for Banking Services and Investments (OBSI) today announced the changes to its organizational governance following its public consultation on governance from November 1, 2022 to January 31, 2023.
Read OBSI's latest newsletter featuring our Q1 case statistics, an RRSP case study, new videos and more.
Click here to read OBSI e-news: Q1/2023.
Ms. Q returned to Canada from living abroad. To re-establish her credit history, she applied for and received a prepaid credit card, which held a cash balance and was widely accepted. She used this card to pay bills and make online purchases, such as groceries. The mobile app associated with Ms. Q’s prepaid credit card allowed her to easily add funds to her account, monitor her spending and review her monthly account statements online.
Toronto, March 16, 2023 – The Ombudsman for Banking Services and Investments (OBSI) released its 2022 Annual Report.
Ms. R was an older investor who held equities in her Registered Retirement Savings Plan (RRSP) at an online investing firm. She turned 71 in 2020 and was required to convert her RRSP into a Registered Retirement Income Fund (RRIF) by the end of the year.
Read OBSI's latest newsletter featuring our case statistics for both Q4 and fiscal 2022, OBSI's approach to fraud complaints, a relationship-ended case study, and more.
Click here to read OBSI e-news: Q4/2022.
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