[phpBB Debug] PHP Notice: in file /viewtopic.php on line 1002: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone.
[phpBB Debug] PHP Notice: in file /viewtopic.php on line 1002: getdate(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone.
Misconduct and malpractice. Investment industry "best and worst practices". Information to improve public protection. Expert witness services for industry and investors. Forensic investment analysis. • View topic - OBSI an industry body trying to help the public?

OBSI an industry body trying to help the public?

Index of forum topics, talk to us.

Re: OBSI another industry body pretending to help the public?

Postby admin » Wed Jun 09, 2010 11:46 am

CONSUMER COMPLAINTS ABOUT BANKING SERVICES AND INVESTMENTS GROWING RAPIDLY

For immediate release June 9, 2010

CONSUMER COMPLAINTS ABOUT BANKING SERVICES AND INVESTMENTS GROWING RAPIDLY
TORONTO – Complaints about the financial industry have reached record levels, according to new figures released today by the Ombudsman for Banking Services and Investments (OBSI).

OBSI looked into 990 banking and investment consumer complaints in 2009, representing a 48 % increase over 2008 and a more than tripling of the number of case files in just three years. OBSI also processed over 12,400 individual inquiries from consumers and small businesses in 2009.

As in recent years, OBSI saw more investment cases (599) than banking cases (391). Investment complaints continue to drive much of the overall increase in complaint volumes OBSI deals with. While banking sector complaints were up 21%, investment complaints were up a staggering 73%.

"The global economic crisis, coupled with sharp declines in financial markets, gave rise to much of the increase in complaints we saw," said Douglas Melville, Ombudsman for Banking Services and Investments. "However, despite the improvement in the markets over the last year, complaint volumes remain high. We expect this to continue."

OBSI looks into complaints about most banking and investment products and services including: debit and credit cards; mortgages; stocks, mutual funds, income trusts, bonds and GICs; loans and credit; fraud; investment advice; unauthorized trading; fees and rates; transaction errors; misrepresentation; and accounts sent to collections. Where a complaint has merit, OBSI may recommend compensation up to a maximum of $350,000.

"On the banking side, many of the complaints we saw dealt with mortgage prepayment penalties, rates on lines of credit, or fraud," said Melville. "On the investment side, the vast majority of cases were related to the suitability of investment advice. Investment advisors need to fulfill their "know your client" obligations as well as explain the risks and characteristics of the products they are recommending."

In 2009, consumers received compensation in 28% of cases reviewed by OBSI. The rate of compensation was 20% for banking complaints and 35% for investment complaints.

The Ombudsman for Banking Services and Investments (OBSI) is the national independent dispute resolution service for consumers and small businesses with a complaint they can’t resolve with their banking services or investment firm. As a free alternative to the legal system, we work informally and confidentially to find fair outcomes to disputes about banking and investment products and services.

For further information:

Tyler Fleming
Director, Stakeholder Relations and Communications
416-218-4244
www.obsi.ca

(advocate comments........please keep in mind as you read media releases from organizations such as OBSI, that these "referee's" are bought and paid for by the industry team. If you play against the industry keep in mind that the game might be rigged in their favour.)
admin
Site Admin
 
Posts: 2834
Joined: Fri May 06, 2005 9:05 am
Location: Canada

Re: OBSI another industry body pretending to help the public?

Postby admin » Wed Sep 16, 2009 11:48 am

Here is an example of the continuous lack of serious response a consumer gets when using OBSI as a complaint resolution process...How long is my government going to allow the victims of financial crime be treated with such a complete lack of respect, dignity and consideration by this industry?

It is very important that everyone in the position to correct the injustices being committed against victims of financial crime everyday in this country are made aware of just how broken the system is. WE NEED SERIOUS REFORM IN CANADA.

You will notice OBSI does not address the serious issue of obstruction of their investigation by TD employee and perhaps even by TD itself...Why is this????

They also refuse to address the fact that there was a significant financial loss to all parties involved. In fact that loss is adding up everyday in the amount of 9.55 percent on a mortgage that was done in error without a doubt and in our belief purposeful intent to commit fraud/forgery.

There was also the issue of funds over $22,000 being lost due to employee's ERRORS in the application.....Why is no one addressing these issues.....why are tax paying Canadian Citizens being left to fend for themselves against these corrupt, unregulated financial bodies and subsequently the very groups that are supposed to be protecting the consumer after the fact.......Where is our democratic government in all of this????
admin
Site Admin
 
Posts: 2834
Joined: Fri May 06, 2005 9:05 am
Location: Canada

OBSI an industry body trying to help the public?

Postby admin » Mon Aug 31, 2009 9:59 pm

Kenmar Associates
Investor Education and Protection
1
ALERT ALERT ALERT ALERT September 3, 2009
the Ombudsman for Banking Services and Investments
To: Retail Investors
Widows and widowers
Seniors
Retirees and pensioners
The infirm

Many investors believe that the Ombudsman for Banking Services and Investments (OBSI) is a
government agency. It is not. OBSI is an industry sponsored and industry funded entity.
According to an Agreement with the CSA , dealers must utilize OBSI but there is no requirement
for bank participation as was evidenced in 2008 when RBC Banking arbitrarily decided to pull
out of OBSI In October, 2007 the report from the Navigator Company, an Australian firm with
extensive experience in external reviews of ombudsman services, was released .The 24
improvement recommendations outlined in the report were to be addressed by the introduction of
new Terms of Reference on April 1, 2009. This date was missed and the key improvements are
not implemented as of the date of this ALERT.
OBSI has appointed Douglas Melville as new Ombudsman and CEO effective August 25,
2009. His bio at https://www.obsi.ca/images/document/up-
1Douglas_Melville_Bio_sketch_EN.pdf We are hopeful that the many reforms needed will be
implemented under his leadership.
We have recently received a growing number of questions and complaints about this
organization. Here are a few cautionary tips, should you have occasion to bring your complaints
to them for resolution:

A. Direct dealings:

1. Never attend an interview (aka interrogation) with OBSI without being prepped by a
professional.
2. Don't allow them to put words in your mouth.-ask if conversation is being taped
3 Don't let them cross-examine you – always have a witness with you
4 Don't think that they are your friend, and get lulled into a false sense of security -they are
financed by the securities industry.
5 Make a list of everything you want to say and make sure you say it whether you are asked
about it or not
6. Do not volunteer information and do not answer questions you do not believe are relevant to
your case. Assume anything you say can and will be used against you.

B. Statute of Limitations

Every province in Canada has a statute of limitation .This is the time period in which you have to
take civil action. In Ontario the time spent with OBSI stops the limitation time clock [the
limitation time period in Ontario is a short two years]... In other provinces be sure to check what
the time period is, otherwise you may find that the time taken dealing with the firm and the time
Kenmar Associates
Investor Education and Protection
2
taken dealing with OBSI may use up all the available time. Once the limitation period is
consumed, civil action cannot be taken. OBSI have a target of completing 80 percent of their files
within 180 days. Some files can take longer, a year or more.

C. Consent for release is one-way

When OBSI undertakes to investigate your complaint, they send you a letter asking you to sign a
Consent for the release of your personal information, by your brokerage house to them. In the
letter to you, OBSI say that they may also request you to provide them with certain documents
related to your complaint, and “We may discuss your complaint with [firm name] and we may
exchange information and documents between you and [firm name]. We also may need to provide
information or documents to advisors outside of OBSI who we consult about your complaint.
“. It is significant to note that although OBSI may provide your brokerage house with the
information or documents that you have provided to them, there is no corresponding obligation
on their part to furnish you with copies of any information or documents that your brokerage
house may have provided to them, in the course of OBSI’s investigations. These documents may
be of great importance to you to help you make an informed decision as to whether to accept or
reject any recommendation OBSI may make to you, with regard to a possible settlement of your
complaint.

D. Right to inform police and regulators

We have come across yet another issue with OBSI. Specifically, it appears that their new
standard Consent letter has language that may prohibit you turning over their recommendation
Report to police or securities regulators even if you believe it could help your case in the event
fraud or other illegal act is suspected. The form’s language is set out below:

“ .. The success of our process depends on both you and [firm name] dealing with OBSI in a frank
and open manner. By signing this letter, you and [firm name] agree that OBSI’s correspondence, files
and any discussions we have during our review are confidential. You and [firm name] agree that if
there are subsequent legal or other proceedings you will not use any correspondence or information
from our process. Neither you nor [firm name] will try to compel OBSI to produce its files or
records. Nor will you try to have the Ombudsman, any OBSI staff member or advisor give evidence
or testify…”

We are continuing to work this issue with OBSI as we believe it encroaches on civil rights and
acts as an obstruction of justice. Of course, if they receive a subpoena from law enforcement they
will provide the Report but we feel that as a Canadian citizen you should have the right to turn
over documents you believe are relevant evidence without any constraint.




Contact kenkiv@sympaico.ca for a copy of the OBSI Survival Guide. It may save you a lot of
time, trouble and money.
admin
Site Admin
 
Posts: 2834
Joined: Fri May 06, 2005 9:05 am
Location: Canada

Previous

Return to Click here to view forums

Who is online

Users browsing this forum: No registered users and 2 guests

cron