News

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, an RESP case study, an approach about how OBSI deals with investment transfer delay cases, and our latest consumer bulletin on fraud.

Click here to read OBSI e-news: Q3/2023.

Ms. L had set up Registered Education Savings Plans (RESPs) for her two daughters, Ms. J and Ms. K. These accounts were set up as a family RESP with their investment firm with the understanding that if one child did not go to or complete post-secondary education, the other child would be entitled to the full amounts of the plans.

Financial fraud is rising – we all see reports of it every day in the news and our social media feeds, but it can be difficult to appreciate the risks and impacts of fraud when we have not had first-hand experience. It is important for everyone to understand how financial frauds take place and how to remain vigilant for ourselves and our loved ones. Opting out of financial services is not possible – these services are an essential part of managing our money and securing our financial future. Understanding how to participate in the system and protect ourselves is the key to avoiding becoming a victim.

Read OBSI's latest newsletter featuring our Q2 case statistics, a suitability case study, updates about our governance, and more.

Click here to read OBSI e-news: Q2/2023.

Have you considered the benefits of incorporating a link to our website in your complaint process guidance for your clients? If you haven’t already, the top three reasons to include a live OBSI link are

Mr. Z was concerned that his Guaranteed Investment Certificates (GICs) earned very little interest due to low interest rates at the time and decided to look for better investment options. He sought the help of Mr. F, a registered investment advisor, to explore investment products that could provide a higher rate of return. Mr. Z wanted his investments to grow over the long term. He had a low tolerance for risk and no immediate need for the money in his investments. To guide their discussion, Mr. F documented Mr. Z's investment goals and risk preferences in his file.

Toronto, June 26, 2023 – The Ombudsman for Banking Services and Investments (OBSI) today announced the changes to its organizational governance following its public consultation on governance from November 1, 2022 to January 31, 2023.

Read OBSI's latest newsletter featuring our Q1 case statistics, an RRSP case study, new videos and more.

Click here to read OBSI e-news: Q1/2023.

Ms. Q returned to Canada from living abroad. To re-establish her credit history, she applied for and received a prepaid credit card, which held a cash balance and was widely accepted. She used this card to pay bills and make online purchases, such as groceries. The mobile app associated with Ms. Q’s prepaid credit card allowed her to easily add funds to her account, monitor her spending and review her monthly account statements online.