Advisors News Industry news ADVISORS - OBSI swamped with complaints
focus of 44 cases.
On the MFDA side, Investors Group Financial Services Inc. was the subject of 29 cases, followed by WFG Securities of Canada with 24.
Among the most common complaints in the banking sector were those regarding pre-payment penalties charged to customers seeking to refinance their mortgages. In most of these cases, OBSI found that the charges were explained in the mortgage documentation.
TD Bank saw the greatest number of banking-related complaints (102), followed by Scotiabank (79) and CIBC (48).
Overall, a disproportionate percentage of complaints came from Ontario clients, accounting for 57.8% of complaints, but only 38.8% of the country's population. British Columbians (13.3% of population) made 13.2% of complaints, while Quebec (23.4% of population) made only 12.5% of complaints.
"The proportionately lower number in Quebec reflects the fact that the caisses populaires Desjardins do not participate in OBSI for banking services," OBSI notes.
For the full OBSI report, click here.
Have you been ripped off by a bank lately ? Have they taken funds from you without your authorization? In normal countries that is known as stealing - do not let them get away with it. SH
Lets us know if you have been whooshed ,fees taken without your consent. A sorry is just not good enough! Let us know and we can start class action proceedings against them .It is your money -Banks are in a legal trust position which should not be abused without consequences and damages to them for bad behaviour .