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OBSI’s Terms of Reference have recently been updated to reflect changes to the Bank Act consumer protection framework that came into force on June 30. The Bank Act now requires federally regulated banks’ internal dispute resolution process to deal with a consumer’s complaint within 56 days (previously it was 90 days).
All investors should understand that higher potential investment returns come with a higher risk of investment losses, but most people find it much easier to consider potential investment gains than to deal with investment losses. Before committing to any investment plan with medium-to-high expected returns, consider: If your investments were to lose half their value, how would you feel? How would your short- and long-term financial well-being be impacted? Could you stick to your plan? Discuss these issues with your advisor to help them understand your risk tolerance.
Read OBSI's latest newsletter featuring news about cases declining during the first quarter, the publication of our 25th anniversary report and our 2021 annual report, our response to IIROC's request for comment, and more.
Toronto, April 8, 2022 – The Board of Directors for the Ombudsman for Banking Services and Investments (OBSI) welcomed the Federal Government’s decision to establish a single, not-for-profit ombudsman for federally regulated banks announced in yesterday’s budget.
Toronto, March 31, 2022 – The Ombudsman for Banking Services and Investments (OBSI) has released a report to commemorate 25 years of financial services ombudsmanship in Canada and to reflect on the organization’s growth, accomplishments, and challenges since opening its doors in 1996.
Toronto, March 15, 2022 – The Ombudsman for Banking Services and Investments (OBSI) released its 2021 Annual Report.
“The past year marked a number of significant milestones for OBSI,” said Sarah Bradley, Ombudsman and CEO, OBSI. “We successfully managed the highest case volumes we have experienced in our 25-year history.
Toronto, March 3, 2022 – OBSI’s Board of Directors is pleased to announce the appointment of a new Chair, Maureen Jensen. Ms. Jensen joined the board as a director on September 23, 2021, and succeeds outgoing Chair, Mr. Jim Emmerton, who retired after serving as Chair for the past four years.
Toronto, February 16, 2022 – The Ombudsman for Banking Services and Investments (OBSI) has released its year-end complaint volume figures for 2021.
Toronto, January 20, 2022 – With the start of the new year, the Ombudsman for Banking Services and Investments (OBSI) welcomed credit unions from across British Columbia as participating firms, joining Alberta and Saskatchewan credit unions who have offered OBSI services to their members since the mid-2000s.
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