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An elderly woman, Ms. W, had a grandson living overseas.

Ms. T was a retired book editor, living on her own. Her government retirement benefits were supplemented by a small employment pension. Her only financial assets were approximately $30,000 invested in Government of Canada bonds.

Mr. T had recently converted his personal chequing account to a joint account with his girlfriend, subject to a right of survivorship. At the time, the account had a $15,000 balance. 

In 2014, Mr. M was gravely ill. At the time, most of his assets were held in a sizeable RRIF account, with his three sons designated as beneficiaries. His existing will provided that each of his three adult sons would receive an equal share of his estate outright, but this no longer matched his wishes because he felt that two of his sons were not capable of responsibly managing a sizeable inheritance.

Toronto, July 18, 2019 – Older Canadians experience different challenges with the financial services they use than younger Canadians, according to a new report issued by the Ombudsman for Banking Services and Investments (OBSI). 

Mr. D was a terminally ill senior. He had named his daughter, Ms. M, to be a substitute decision maker for him in a POA. In early 2018, she contacted his investment firm and told the firm that her father had requested that she sell his mutual funds.

Mr. F had held his credit card, and a number of other products, with the bank for over 25 years. In early 2018, he noticed he had not received his credit card statement in the mail. He called the bank. He asked about the missing statement. 

The Board of Directors for the Ombudsman for Banking Services and Investments (OBSI) announced the appointment of a new chair of its independent Consumer and Investor Advisory Council (CIAC).

Read OBSI's latest newsletter for information on our mental health initiative, an update on our social media strategy, Q1 statistics and more.

Mr. P opened a managed account with his investment firm in 2012. He agreed to pay monthly fees. His advisor, Mr. A, carried out various option strategies in his account on his behalf. Options trading is a sophisticated, higher risk investing strategy.