Tuesday, August 26, 2014

Ombudsman for Banking Services and Investments (OBSI)

The Ombudsman for Banking Services and Investments (OBSI) is Canada’s independent ombudsman for consumers and small businesses with a complaint they can’t resolve with their banking services or investment firm.

• Independent not-for-profit organization operating in the public interest.
• May recommend compensation up to $350,000.
• Free to consumers and small businesses.
• Non-legalistic approach, using principles of fairness to all the parties.
• Investigates complaints about most banking and investment matters including: mutual funds; bonds and GICs; stocks, exchange traded funds, income trusts and other securities; investment advice; unauthorized trading; fraud; debit and credit cards; mortgages; loans and credit; fees and rates; transaction errors; misrepresentation; and accounts sent to collections.
So there we go again citizens. CIBC responsible for far more than your average bear's share of problems in Canada and that shouldn't surprise anybody reading this blog.

Very sadly the OBSI relies on voluntary compliance of their decisions and the only "teeth" is moral suasion. Very clearly in the case of CIBC of multiple class action lawsuits, shaming the turds in public isn't and will never be effective, at all.