As a not-for-profit organization, OBSI recovers all of its budgeted operating expenses from its participating firms each year. OBSI's budget and the allocation of this budget between the different industry sectors that use OBSI's services is approved by OBSI's Board of Directors each September. Our board also considers fairness and the impact of fee changes on member firms when setting fees. A guiding principle is that no sector or registrant category should subsidize another.
Read OBSI's latest newsletter featuring our Q3 case statistics, a new approach, a public consultation, and more.
On September 11, 2024, the Ombudsman for Banking Services and Investments (OBSI) submitted its response to the Department of Finance’s consultation on Proposals to Strengthen Canada’s Financial Sector.
Starting November 1, OBSI will begin serving as Canada’s sole designated external complaints body (ECB) for banking, accepting complaints from consumers of all federally regulated financial institutions.
OBSI is honoured to host financial services ombudsmen from around the world at the 2024 annual conference of the International Network of Financial Services Ombudsman Schemes (INFO Network), which is taking place in Toronto from September 29 to October 2, 2024.
OBSI is seeking input from stakeholders and the public in relation to our approach to calculating investor losses in cases involving unsuitable sales of illiquid exempt market securities. We seek input from our stakeholders and other interested parties on the processes we currently use to help us determine whether there are better alternative approaches we should adopt in such cases.
September 26, 2024 – The Ombudsman for Banking Services and Investments (OBSI) is now seeking input from stakeholders and the public in relation to our approach to calculating investor losses in cases involving unsuitable sales of illiquid exempt market securities. This consultation is focused on assessing the process we currently use and helping us determine whether there are better alternative approaches we should adopt in such cases. This consultation was recommended in our 2021 independent expert external review. OBSI remains committed to improving its approaches and practices wherever possible.
We are pleased to announce the launch of our refreshed website. This update brings a contemporary design and user experience to OBSI.ca, making it easier and more intuitive for consumers and firms to access the information and tools they need.
Read OBSI's latest newsletter featuring our Q2 case statistics, a new case study, answers to your questions about the single ECB transition and a governance announcement.
We will soon be launching a search for two qualified professionals to join our Board of Directors to fill one current and one expected vacancy. The positions to be filled are for one Industry Director and one Consumer Interest Director. To ensure an open search process and that we are able to identify the best candidates, as part of our search process, we will engage with industry associations and consumer advocacy groups for potential candidate recommendations.
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