Our staff – with a wide variety of experience and training in financial services, law, accounting, dispute resolution and regulatory compliance – review and investigate unresolved complaints from clients about banking and investment products and services.
If we find the firm has caused a loss, we will recommend a settlement that aims to make the client whole. When appropriate, we may also recommend compensation for inconvenience or nonfinancial actions such as correcting a credit bureau record. If we find the firm has acted appropriately, we will explain to the client why we came to that conclusion.
When we receive a complaint, our assessment team looks at the file to make sure it falls within our mandate. For instance, the firm has to be one of our participating banks, credit unions, mortgage brokers, investment dealers, mutual fund dealers and managers, investment counsel/portfolio managers and scholarship plan dealers. We also look for a final response from the firm to the client, which allows us to start our review knowing the positions of both firm and client. For a complaint to be within OBSI's mandate the client has to have raised the complaint with their firm within six years of when they knew or should have known about the issue, the client is either unsatisfied with their firm’s final response, or at least 90 days have passed since the client first complained to their firm and the complaint remains unresolved.
During an investigation, we gather information from the parties and review the facts of the case. We may ask you questions to help better understand the complaint from your perspective or request that you send us additional documents. Our decisions are based on what’s fair to both the client and the firm. We take into account general principles of good financial services and business practices, the law, regulatory policies and guidance, and any applicable professional body standards, codes of practice or codes of conduct.
If we believe that the facts of the case do not warrant a recommendation, we will let the client know as quickly as possible. We always make sure that we explain our reasons.
If we believe compensation is owed to the client, we try to settle the dispute through a facilitated settlement between the client and firm. This process aims to address the complaint relatively quickly with a fair outcome for both parties.
If we can’t facilitate a settlement but we continue to believe the client should be compensated, we will complete our investigation and prepare an investigation report. We will send a draft investigation report to the firm and the client for a brief comment period. Following the comment period, we will send the client and the firm a final report that sets out our recommendation.
OBSI is neither a court or a regulator, and we do not fine or discipline firms or individuals. Our recommendations are not binding on either party, but we have an excellent record of acceptance of our recommended settlements from both firms and clients.
While we do not handle matters that have already been through a court or an arbitration, if a client is not satisfied with our conclusions, they are free to pursue their case through other processes including the legal system, subject to statutory limitation periods.
Please Note: We will not assess or investigate, or we may stop assessing or investigating, if a client engages in harassing behaviour or is rude or overly aggressive – including making threats against OBSI and/or its staff.