News

We would like to thank all those who provided their input to our Governance Review. The public consultation period was announced November 1, 2022, and the comment period for the project closed January 31, 2023. The consultation was undertaken following OBSI’s 2021 independent review which called for a strategic review of our governance structure to determine how best to ensure that key stakeholder interests are most effectively incorporated into board membership and decision-making.

OBSI is seeking input from stakeholders and the public in relation to its organizational governance. This consultation is focussed on understanding how OBSI’s board can best ensure that it has the opportunity to consider the perspectives of stakeholders with financial service industry expertise and consumer advocacy expertise in its decision making.

Read OBSI's latest newsletter featuring news about third quarter case volumes, two new case studies, how OBSI is increasing case data disclosure, and information about our 2021 independent reviews.

Click here to read OBSI e-news: Q3/2022.

Mr. K arranged a meeting at a Canadian branch of ABC Bank, so he could open a personal chequing account. At the meeting, he provided the proper documentation and told the bank he would be traveling abroad. He also mentioned that a branch of ABC Bank was located where he was going, and he was relying on his new ABC bank account to transfer money back to Canada.

Ms. A was a senior with serious health issues who had given one of her three daughters Power of Attorney (POA). Ms. A’s daughter arranged a time for them to meet with Mr. G who was Ms. A’s long-standing mutual fund representative at her bank branch.

November 1, 2022 - As first announced on August 25, the Ombudsman for Banking Services and Investments (OBSI) is now seeking input from stakeholders and the public in relation to its organizational governance. This consultation is focussed on understanding how OBSI’s board can best ensure that it has the opportunity to consider the perspectives of stakeholders with financial service industry expertise and consumer advocacy expertise in its decision making. OBSI is committed to ensuring a deep knowledge of these perspectives at the board level because they are crucial to ensuring that the organization is able to continue to fulfil its mission of helping to ensure a fair, effective and trusted financial services sector. OBSI’s last public consultation on governance reform took place in 2012.

October 26, 2022 - Today, OBSI provided its response to the recommendations included in the 2021 independent evaluations of its investment and banking mandates.

Mr. F was a healthcare professional and wanted to invest his savings. He was contacted online by someone who claimed to represent online investment company Firm X. The representative said the firm offered investing opportunities with high returns and advisory services to help investors.

Participating firm fees are set annually by the OBSI Board of Directors in accordance with our corporate Bylaw. As a not-for-profit organization, participating firm fees fund all our operations and are set on a cost-recovery basis.

Toronto, October 6, 2022 – The Ombudsman for Banking Services and Investments (OBSI) is pleased to announce the launch of a new interactive digital information tool called Data Cube. The Data Cube provides at-a-glance access to current and historical information about OBSI’s case experience and outcomes in an open and accessible visual format that allows users to interact with and filter data by date range, product, issue, industry, or firm. This new online tool provides information previously disclosed in OBSI’s annual report.