The Ombudsman for Banking Services and Investments published the results of its 2026 independent evaluation covering its handling of banking and investment-related complaints. The review, conducted by CRKhoury, concluded that OBSI met its obligations under the Bank Act and its Memorandum of Understanding with the Canadian Securities Administrators, and found its processes to be sound and well managed. The report made 26 recommendations, largely aimed at incremental service improvements and stronger transparency, accessibility and stakeholder confidence. Key recommendations were to give OBSI binding authority for decisions in both banking and investment cases, raise the compensation limit to CAD 550,000 with inflation indexing, strengthen escalation of systemic issues to regulators and discussion of those issues in annual reporting, and expand information sharing in complaints processes, including sharing key firm documents and facilitated settlement proposals with complainants. OBSI said its board and management have reviewed the evaluation and plan to incorporate many of the recommendations into its 2027 to 2031 Strategic Plan, which is due later this year.
Ombudsman for Banking Services and Investments2026-07-22
Ombudsman for Banking Services and Investments evaluation finds it met Bank Act and CSA obligations, recommends binding decisions and CAD 550,000 compensation limit
The Ombudsman for Banking Services and Investments released its 2026 independent evaluation, which found it met its obligations under the Bank Act and its agreement with the Canadian Securities Administrators. The report made 26 recommendations, including binding authority for OBSI decisions, a higher compensation limit of CAD 550,000 with inflation indexing, and stronger systemic issue reporting. OBSI said many recommendations will be reflected in its 2027 to 2031 Strategic Plan.