Ombudsman for Banking Services and Investments: Who Qualifies and What You Get
Learn how to resolve disputes with financial firms through this independent service for investors in Canada.
This service provides an independent way to resolve disagreements between individuals and financial firms.
Who it's for
This scheme is designed specifically for investors who find themselves facing unresolved complaints against financial firms. If you have a dispute regarding your investments or banking services and have reached an impasse with the institution involved, you may qualify to use this service to seek a resolution.
What you get
The primary benefit is access to free and independent dispute resolution. This service acts as a neutral third party to review your situation, helping to mediate or resolve the conflict without you having to pay for the investigation or the mediation process.
What it costs you
Using this service is free for the individual. However, there is a required step you must take regarding your time and effort: you must first exhaust the firm's own internal complaint process. You cannot go directly to the ombudsman without first giving the financial firm a chance to address the issue through their own official internal channels.
The catch to know
It is important to understand the limits of this service's authority. The ombudsman does not have the power to legally force a firm to pay you or to mandate a specific outcome. However, in practice, most firms choose to comply with the recommendations issued during the process.
How to apply
- Formally lodge a complaint with your financial firm's internal complaint department.
- Follow their internal process until you receive a final decision or a written response.
- If the internal response does not resolve your dispute, reach out to the ombudsman.
- Visit the official portal to begin your request: https://www.obsi.ca/