TORONTO, Feb. 25, 2014 /CNW/ - The Ombudsman for Banking Services and
Investments (OBSI) today published its 2013 Annual Report. In a year of
evolution for OBSI, important developments included:
The Canadian Securities Administrators (CSA) approving amendments to
National Instrument 31-103 that will require all registered dealers and
advisors outside of Quebec to use OBSI as their dispute-resolution
Entering into a Memorandum of Understanding with the CSA that provides
for securities regulatory oversight as well as a framework for
cooperation and collaboration.
Increasing OBSI's banking services membership by over 15%.
Submitting an application for approval as an External Complaints Body to
the Financial Consumer Agency of Canada (FCAC).
Representing a small proportion of OBSI cases, several investment firms
refusing to compensate their customers as OBSI recommended.
Information on these developments and much more can be found in our
English and French copies of the report are available 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
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)
For further information:
Director, Stakeholder Relations and Communications