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In response to recommendations made by OBSI's independent reviewer, our Board of Directors created an ad hoc Governance Committee of the Board to oversee the transition to a new governance structure, develop new governance policies and processes as appropriate, and consult with stakeholders on these changes.
In the majority of investment complaints we receive each year about advice-based accounts, investors complain that they received poor advice, their investments or investment strategies were unsuitable and/or that their investments did not perform as they expected. In such "suitability" complaints, investors ask to be compensated for the investment losses they incurred.
In the majority of investment complaints that the Ombudsman for Banking Services and Investments (OBSI) reviews each year about advice-based accounts, investors complain that they received poor advice, their investments or investment strategies were unsuitable and/or that their investments did not perform as they expected. In such investment "suitability" cases, investors ask to be compensated for the investment losses they incurred.
OBSI underwent a public consultation process in 2010 on proposed revisions to its Terms of Reference.
OBSI is the national independent dispute resolution service for consumers and small businesses with a complaint they can't resolve with their banking services or investment firm.
OBSI's Terms of Reference underwent a significant amendment in 2002. In 2007, the Board of Directors approved an amendment to align the Terms of Reference with the Framework for Cooperation.
CONSULTATION PERIOD IS NOW CLOSED
OBSI's mandate, or Terms of Reference, last underwent significant amendment in 2002 when we welcomed the members of the IDA, MFDA and IFIC, and expanded our coverage on the deposit-taking side as well. Much has changed in the last five years. More recently, along with the insurance ombudservices, we have approved the Framework for Cooperation with the federal and provincial regulators that have set out expectations for the scope and level of service we offer as part of the consumer protection system in financial services.
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