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.
Click here to read OBSI e-news: Q2/2024.
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.
Mr. G, a conservative investor with a modest income and limited investment knowledge, wanted to see growth on his retirement savings. His investments were initially held at Bank ABC where Mr. G thought the fees were too high and the returns were too low. When Mr. G met Mr. U socially, Mr. U said he was an advisor at Firm XYZ, and convinced Mr. G to switch to his firm by promising lower fees and the potential for better returns. Mr. G trusted Mr. U because he was an advisor at a credible firm. In the summer of 2016, Mr. G opened two accounts at Firm XYZ. He transferred $44,000 into a LIRA (locked-in retirement account) and $121,000 into an RRSP (registered retirement savings plan).
Read OBSI's latest newsletter featuring our Q1 case statistics, two new case studies and announcements about our annual report and changes to our board.
Click here to read OBSI e-news: Q1/2024.
This website uses cookies to enhance usability and provide you with a more personal experience. By using this website, you agree to our use of cookies as explained in our Privacy Policy.
