James Daw writes, in the Toronto Star (June 12, 2007), about an investor’s options after they’ve received bad financial advice and lost money. In Canada there’s an Ombudsman for Banking Services and Investments (OBSI) with participating firms that include:
- Domestic and foreign banks
- Some credit unions
- Trust and loan companies
- Investment Dealers Association (IDA) member firms
- Mutual Fund Dealers Association (MFDA) member firms
- Investment Funds Institute of Canada (IFIC) member firms
An investor must decide whether to go the Ombudsman route or contact a lawyer with the purpose of filing a lawsuit. Lawsuits can be very expensive and time consuming while the Ombudsman is free. However, there may be timing issues as you can’t file a lawsuit while the ombudsman is conducting an investigation. In his column, Daw recommends seeking a “qualified securities lawyer” first to assess the situation and help you decide on a strategy.
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1 More on the OBSI // Jun 18, 2007 at 9:07 am
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