Toronto – October 24, 2026 -- The Ombudsman for Banking Services and Investments (OBSI) has appointed CRKhoury (CRK) to conduct its 2026 independent external review of banking and investment complaint operations, with the final report due on OBSI's website later this year.
The review will test whether OBSI has met its regulatory obligations and operates effectively under recognized best practices for financial services ombudsmen. CRK has set up a dedicated review website and is running a public consultation as the process advances.
Loss-calculation consultation traces back to the 2021 evaluation
On September 26, 2024, OBSI opened a public consultation on how it calculates investor losses in complaints over unsuitably sold illiquid exempt market securities. The consultation examines the current process and whether better alternatives exist. OBSI said the 2021 independent expert external review recommended it.
Board launches governance overhaul after 2022 review
On August 25, 2022, OBSI's Board of Directors began a strategic review of its governance structure. A public consultation followed on November 1, 2022, focused on how the board can weigh perspectives from financial services industry and consumer advocacy experts. OBSI's previous public consultation on governance reform took place in 2012.
On October 26, 2022, OBSI published its response to the recommendations in the 2021 independent evaluations of its investment and banking mandates.
OBSI seeks two directors to fill board vacancies
OBSI plans a search for one Industry Director and one Consumer Interest Director, covering one current and one expected vacancy. It will seek candidate recommendations from industry associations and consumer advocacy groups.
Toronto hosts international ombuds network for four days
OBSI hosted the International Network of Financial Services Ombudsman Schemes (INFO Network) 2024 annual conference in Toronto from September 29 to October 2, 2024. It has also launched a refreshed OBSI.ca website for consumers and firms.