News

Sarah P. Bradley, Ombudsman and CEO, Ombudsman for Banking Services and Investments (OBSI) today announced that Grace McSorley will be joining the organization in the position of Deputy Ombudsman, effective July 4, 2017.

In January of 2014, Mr. G signed a Credit Agreement when he obtained a mortgage of $122,000 and a Line of Credit (LOC) of $39,600, both secured by a property he owned and planned to rent out. The monthly payments were $1,255 for his mortgage, which he had automatically debited from his bank account, and $43 for the LOC.

Consumer complaints increase in 2016

Mr. A’s small business filed for bankruptcy in 2014 after several years of financial difficulties. At the time, there was a $15,000 balance on the company credit card. 

Ms. B and her friends attended a presentation for real estate investment opportunities in the Caribbean. The salesperson explained that the investment was for a condominium timeshare located on a desirable waterfront location frequented by tourists.

Mr. H agreed to purchase a restaurant-size smoker from a private seller on Kijiji. He transferred $8,000 to the seller, via multiple authorized Interac e-Transfers. The seller had promised to ship the smoker to Mr. H upon receipt of the full payment.

OBSI Launches Five-Year Strategic Plan to Strengthen Services to Canadians

Today, the OBSI Board of Directors provided its response to the recommendations included in the 2016 independent evaluation of its securities mandate.

A Registered Education Savings Plan (RESP) is one of many ways to save for your child’s education. When choosing an RESP it is important to shop around and to understand the range of different RESP types available in Canada.

OBSI today announced the refusal of Sentinel Financial Management Corp. (Sentinel Financial) to compensate an investor $128,799 for losses caused by an advisor working for Sentinel recommending unsuitable investments.