Do you punish or fine firms, employees or advisors like a regulator can?
No, OBSI is not a regulator and therefore cannot punish or fine firms or advisors. Regulators or government agencies have the authority to suspend, fine or bar firms or licensed individuals such as investment advisors under the legislation or rules governing the industry.
OBSI participating firms are regulated by a number of different organizations, depending on their sector. All these organizations are listed in our Useful Links.
How can you be impartial if you are funded by the industries you cover?
We have several provisions to guard our impartiality and independence. The Ombudsman is independent. Our rules for our investigation are implemented by our independent Ombudsman. Our budget, which makes sure we have the resources to do our job, is set by the Community members of the Board.
In Canada, and around the world, regulators and ombudsman offices in financial services are typically funded by the industries they cover, as opposed to the general taxpayer.
Are you a consumer advocate?
As an impartial service, we are neither a consumer nor an industry advocate. It's important that we maintain our impartiality so both sides of a dispute know they are getting a fair hearing.
That also means we don't give financial or professional advice to you or the firms.