Ombudsman for Banking Services and Investments

FAIR Canada Welcomes Ontario Government Proposals Aimed at Better Protecting Investors

Retrieved on: 
Friday, November 3, 2023

“We specifically welcome the proposed enhancements to improve investor confidence and enhance investor protections,” said Jean-Paul Bureaud, Executive Director of FAIR Canada.

Key Points: 
  • “We specifically welcome the proposed enhancements to improve investor confidence and enhance investor protections,” said Jean-Paul Bureaud, Executive Director of FAIR Canada.
  • “Both are critical to promoting vibrant capital markets that can sustain economic growth and development.”
    In particular, FAIR Canada welcomes the government’s plan to introduce a statutory process for distributing disgorged funds to harmed investors.
  • FAIR Canada has long advocated that investment dealers be bound by recommendations made by the Ombudsman for Banking Services and Investments (OBSI) following a fair and impartial process.
  • “These proposals are a step towards promoting better outcomes for Ontario investors,” said Bureaud.

OBSI chosen as sole ombudsman for banking complaints in Canada

Retrieved on: 
Tuesday, October 17, 2023

Maureen Jensen, OBSI Chair, expressed OBSI’s appreciation for this recognition, stating, “We are deeply honored to have been chosen as the exclusive ombudsman for banking complaints in Canada.

Key Points: 
  • Maureen Jensen, OBSI Chair, expressed OBSI’s appreciation for this recognition, stating, “We are deeply honored to have been chosen as the exclusive ombudsman for banking complaints in Canada.
  • With the consolidation of banking complaint handling under OBSI, the organization will be responsible for providing ombuds services to all federally regulated Canadian banks.
  • OBSI currently has more than 1,500 participating firms, including banks, trust companies, and credit unions, as well as all investment firms across Canada.
  • Canada’s Ombudsman for Banking Services and Investments (OBSI) is a national, independent, not-for-profit organization that helps resolve and reduce disputes between consumers and financial services firms in both official languages.

FAIR Canada – Coalition Applauds OBSI’s Selection as Sole External Body for Banking Complaints

Retrieved on: 
Tuesday, October 17, 2023

TORONTO, Oct. 17, 2023 (GLOBE NEWSWIRE) -- On behalf of a coalition of consumer advocates, FAIR Canada commends the federal government for following through on its commitment to appoint a single external complaints body (ECB) for all banking complaints.

Key Points: 
  • TORONTO, Oct. 17, 2023 (GLOBE NEWSWIRE) -- On behalf of a coalition of consumer advocates, FAIR Canada commends the federal government for following through on its commitment to appoint a single external complaints body (ECB) for all banking complaints.
  • “FAIR Canada and other consumer groups have repeatedly pointed out how Canada’s approach to banking complaints fell short of international standards and best practice.
  • We’re pleased to see the federal government take these steps to improve it and to designate OBSI as the sole ECB for all banking customers,” said Jean-Paul Bureaud, Executive Director, FAIR Canada.
  • Although the coalition celebrates this important achievement for banking customers, more needs to be done when it comes to complaints for investors.

Ontario Securities Commission Opens the Market

Retrieved on: 
Wednesday, September 6, 2023

TORONTO, Sept. 6, 2023 /PRNewswire/ - Tyler Fleming, Director, Investor Office, Ontario Securities Commission ("OSC") and his team joined Rajeeve Thakur, Vice President, Regulatory Affairs, Toronto Stock Exchange ("TSX") to celebrate 'back to school' season for investors and highlight the importance of financial education, and to open the market.

Key Points: 
  • TORONTO, Sept. 6, 2023 /PRNewswire/ - Tyler Fleming, Director, Investor Office, Ontario Securities Commission ("OSC") and his team joined Rajeeve Thakur, Vice President, Regulatory Affairs, Toronto Stock Exchange ("TSX") to celebrate 'back to school' season for investors and highlight the importance of financial education, and to open the market.
  • The Investor Office sets the strategic direction and leads the OSC's efforts in investor engagement, education, outreach and research.
  • Its investor website GetSmarterAboutMoney.ca is Canada's most visited financial education website, used by millions of people each year.
  • View original content to download multimedia: https://www.prnewswire.com/news-releases/ontario-securities-commission-o...

OBSI announces changes to its organizational governance

Retrieved on: 
Monday, June 26, 2023

TORONTO, June 26, 2023 (GLOBE NEWSWIRE) -- 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.

Key Points: 
  • TORONTO, June 26, 2023 (GLOBE NEWSWIRE) -- 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.
  • The changes we are making reflect that input and will ensure that OBSI has the right governance and oversight to remain effective in meeting its public service mandate,” said Ms. Jensen.
  • As is currently the case, all directors owe their duty to OBSI and cannot advocate for or represent any outside interest while engaged in OBSI governance.
  • OBSI has undertaken these governance changes in light of the current operating environment and input received during the public consultation.

FCAC launches call for applications for Canada's single external complaints body for banking

Retrieved on: 
Thursday, May 11, 2023

OTTAWA ON, May 11, 2023 /CNW/ - Today, the Financial Consumer Agency of Canada (FCAC) launched a call for applications for eligible entities to serve as Canada's single banking external complaints body (ECB).

Key Points: 
  • OTTAWA ON, May 11, 2023 /CNW/ - Today, the Financial Consumer Agency of Canada (FCAC) launched a call for applications for eligible entities to serve as Canada's single banking external complaints body (ECB).
  • Designating a single, non-profit, external complaints body will simplify complaints handling in banking and is in the best interests of Canadians."
  • An external complaints body (ECB) is an organization that is independent from banks that provides a free and impartial review of consumer complaints about banking services and products.
  • FCAC will review the applications and make a recommendation to the Minister of Finance, who is responsible for designating the single ECB.

Fintech Guide To Support U.S. Financial Institutions

Retrieved on: 
Tuesday, April 4, 2023

NASHVILLE, Tenn., April 4, 2023 /PRNewswire/ -- Bank Director, the leading information resource for leadership and board members of financial institutions nationwide, today released a new report - Finding Fintechs: A Choose Your Own Adventure Guide - to provide U.S. financial institutions a roadmap on working with technology companies. This new report provides clear direction on how banks can improve efficiency, customer relationships and facilitate growth - and do it in a way that mitigates risk.

Key Points: 
  • NASHVILLE, Tenn., April 4, 2023 /PRNewswire/ -- Bank Director, the leading information resource for leadership and board members of financial institutions nationwide, today released a new report - Finding Fintechs: A Choose Your Own Adventure Guide - to provide U.S. financial institutions a roadmap on working with technology companies.
  • Using Bank Director's online platform FinXTech Connect , the report reveals the names of fintechs who report at least 100 U.S. financial institution clients.
  • Built specifically for banks, FinXTech Connect is a curated, online directory of technology companies that are strategically partnering with financial institutions.
  • Cybersecurity, data privacy, hackers and regulatory issues are all constantly changing problems that plague bankers in their search for fintech partnerships.

IFIC Makes Submission on OBSI Governance Review

Retrieved on: 
Tuesday, January 31, 2023

TORONTO, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Investment Funds Institute of Canada (IFIC) today made its submission to the Ombudsman for Banking Services and Investments (OBSI) regarding its Governance Review.

Key Points: 
  • TORONTO, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Investment Funds Institute of Canada (IFIC) today made its submission to the Ombudsman for Banking Services and Investments (OBSI) regarding its Governance Review.
  • “IFIC strongly supports continuing to have designated positions for industry participants on the OBSI board,” said Andy Mitchell, President and CEO, IFIC.
  • “Industry directors contribute their detailed expertise concerning the various business models and complexities of product offerings, and provide important knowledge of the processes and information flows that affect the client experience.”
    In its submission, IFIC also encouraged OBSI to update its board skills matrix to ensure its directors more effectively reflect and represent the needs and perspectives of the stakeholders impacted by OBSI’s services.
  • It also recommended that two additional industry directors be added to the board to include more comprehensive industry expertise, and that the number of board members be set at up to 13 directors, with unaffiliated community directors in the majority with up to eight positions and industry directors set at five positions.

FAIR Canada – Consumer Coalition Calls for Action on Complaint Handling

Retrieved on: 
Thursday, October 20, 2022

TORONTO, Oct. 20, 2022 (GLOBE NEWSWIRE) -- On behalf of a coalition of concerned consumer advocates, FAIR Canada is calling on governments and regulators to strengthen the complaint-handling system in Canada.

Key Points: 
  • TORONTO, Oct. 20, 2022 (GLOBE NEWSWIRE) -- On behalf of a coalition of concerned consumer advocates, FAIR Canada is calling on governments and regulators to strengthen the complaint-handling system in Canada.
  • It is time for urgent action on this important consumer protection issue.
  • They added yet another compelling voice to the repeated calls to establish a single ombuds service with binding authority.
  • We also need action from the federal government to address consumer harm, said Mr. Bureaud.

FAIR Canada Welcomes Appointment of New Board Members

Retrieved on: 
Wednesday, September 28, 2022

TORONTO, Sept. 28, 2022 (GLOBE NEWSWIRE) -- We are pleased to announce the appointment of Salman Ahmed and Harvey Naglie as new members of FAIR Canadas Board of Directors, which is responsible for the overall stewardship of FAIR Canada, including strategic planning and board governance.

Key Points: 
  • TORONTO, Sept. 28, 2022 (GLOBE NEWSWIRE) -- We are pleased to announce the appointment of Salman Ahmed and Harvey Naglie as new members of FAIR Canadas Board of Directors, which is responsible for the overall stewardship of FAIR Canada, including strategic planning and board governance.
  • Their collective experience and perspectives will help strengthen FAIR Canadas governance and mission, said Jean-Paul Bureaud, Executive Director, FAIR Canada.
  • Their appointment follows an inclusive search led by the board, which began earlier this year.
  • FAIR Canadas board and staff congratulate Salman and Harvey on their appointment and look forward to working with them in their new role.