Public Consultations

OBSI underwent an independent evaluation of operations and practices for investment-related complaints in 2016.

Below please find all news items and documents related to the public consultation process of the independent evaluation.

In accordance with the ‘Memorandum of Understanding concerning oversight of the Ombudsman for Banking Services and Investments’ (MOU) between the Canadian Securities Administrators (CSA) and the Ombudsman for Banking Services and Investments (OBSI), OBSI is required to submit itself to an independent evaluation of its operations and practices for investment-related complaints commencing no later than May 1, 2016. The scope excludes banking-related complaints.

OBSI underwent a public consultation process in 2013 to revise the Terms of Reference as part of the governance reform process, initiated in 2011.

OBSI's Board of Directors has approved changes to OBSI's Terms of Reference following an extensive public consultation.

OBSI's Terms of Reference embody the dispute-resolution mandate that our organization performs for the banking and investment industries. They expand on the mandate contained in OBSI's Bylaw and Articles by describing the principal powers and duties of the Ombudsman, the duties of participating firms, the scope of the mandate, and the process of OBSI for receiving, investigating and seeking resolution of financial services customer complaints.

OBSI issued a consultation paper in 2011 detailing its investment suitability and loss assessment process.

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.

New By-law Approved

In response to the recommendations made after OBSI's independent review in 2011, a draft framework regarding the governance structure of OBSI was developed for consultation.

In response to recommendations made by OBSI's independent reviewer, OBSI's 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.