TORONTO, May 1, 2013 /CNW/ - The Ombudsman for Banking Services and
Investments (OBSI) today published its 2012 Annual Report. Important
developments from the year include:
Comprehensive reform of OBSI's governance structure, including the
appointment of a new Chair.
The federal government's announcement that for-profit entities would be
permitted to compete for banks' dispute resolution business in a
The Canadian Securities Administrators' (CSA) proposal to make it
mandatory for all registered dealers and advisers outside of Quebec to
utilize the services of OBSI.
Announcements of several refusals by investment firms (Octagon Capital
Corporation, W.H. Stuart & Associates, and Macquarie Private Wealth) to
compensate their customers following an OBSI investigation.
A 10% increase in the number of new investment complaints. With the
withdrawal of both RBC's and TD's banking divisions from OBSI, the
number of new banking complaints returned to levels last seen in 2007.
English and French copies of OBSI's Annual Report can be found on our website www.obsi.ca.
OBSI is Canada's national independent dispute resolution service for
consumers and small businesses with a complaint they can't resolve with
their banking services or investment firm. As a free alternative to the
legal system, we work informally and confidentially to find fair
outcomes to disputes about banking and investment products and
services. Over 99.8% of the thousands of complaints brought to OBSI
since the organization's inception have been successfully resolved.
OBSI looks into complaints about most banking and investment matters
including: debit and credit cards; mortgages; stocks, mutual funds,
income trusts, bonds and GICs; loans and credit; fraud; investment
advice; unauthorized trading; fees and rates; transaction errors;
misrepresentation; and accounts sent to collections. Where a complaint
has merit, OBSI may recommend compensation up to a maximum of $350,000.
SOURCE: Ombudsman for Banking Services and Investments (OBSI)
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