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From the Ombudsman's desk • OBSI-AMF Communiqué • Proposed new statistical reporting • Case Study- Suitability • OBSI Outreach

The clients, a married couple in their early 50s, received a $650,000 settlement from a car accident which permanently disabled the husband. They consulted with an investment advisor about how to invest the money.

David Agnew stepping down as Ombudsman

Terms of Reference Update

Complaint numbers take large jump: OBSI

From the Ombudsman’s desk • Case Study: Credit Card Fraud • Serving a diverse population

The client had worked at a public utility for about 15 years when he changed careers to become a teacher. After leaving his job, the client received a benefit statement for his utility pension, which he sent to his financial advisor. The advisor told him that he could transfer the pension to a locked-in retirement account (LIRA) and helped him complete the transfer documents.

The client was a sophisticated investor, and recently started dealing with a new advisor and a new firm. Her investment objectives were 100% capital gain and she had a medium to high tolerance for risk. She also had a high level of investment knowledge and experience.

A client opened an offshore US dollar savings account through the Canadian branch of a foreign bank. For regulatory reasons, the Canadian branch's role merely to pass on the account opening information to the international head office. The servicing of the client's needs was to be done by the foreign bank directly through its call centre.

A client's small business received notice that its accounts were to be closed by the bank in two weeks. The client was shocked, saying he had a long-standing and satisfactory relationship with the bank and that the bank would not provide reasons for the termination of the relationship. The business owner, originally from a Middle Eastern country, claimed that racial profiling was a factor in the bank's decision.