OBSI 2025 Annual Report released

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As OBSI assumes expanded mandate as the ombudsman for all of Canada’s banks, consumer demand reaches new highs

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TORONTO, March 13, 2026 (GLOBE NEWSWIRE) — The Ombudsman for Banking Services and Investments (OBSI) released its 2025 Annual Report.

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In 2025, OBSI began serving as the single external complaints body (ECB) for all of Canada’s banks, ending the era of fragmented dispute resolution for Canada’s bank consumers, which had lasted nearly two decades. This expanded mandate brought with it significant surge in consumer demand for OBSI’s services and saw overall inquiry and complaint volumes nearly double from the previous year. Banking case volumes more than doubled year over year, while investment case volumes increased modestly but reached new record highs.

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In 2025, total consumer inquiries increased to over 26,000 – up nearly 60% from the record levels reached in 2024, and OBSI opened more than 6,100 investigations, an increase of 90% compared to the prior year.

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The shift to the single-ECB model means that all Canadian bank customers have equal access to the same high-quality, independent dispute resolution services for unresolved complaints. It also gives all stakeholders access to consolidated complaints data for the whole banking sector for the first time in over 17 years, complementing the securities industry data that OBSI releases annually.

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“2025 was a groundbreaking year for OBSI,” said Sarah Bradley, Ombudsman and CEO, OBSI. “In addition to embracing our new mandate as the sole external complaints body for federally regulated banks, we welcomed credit unions from new regions, worked with regulators towards binding authority, addressed record setting case volumes and initiated new and important IT infrastructure projects.”

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Banking cases highlights

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In 2025, fraud continued to be the leading issue for consumer banking complaints, representing one-third of banking cases. Fraud investigations nearly doubled year over year to 1,815 cases, up from 966 cases in 2024. Service‑related complaints increased significantly as well, also nearly doubling year over year. In addition, complaints related to chargebacks and product disclosure increased substantially during the year.

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Complaint volumes related to credit cards, debit cards, e‑Transfers, personal chequing and savings accounts, and mortgages all increased significantly compared to the prior year largely reflecting overall increases in complaint volumes due to OBSI’s expanded mandate.

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Investment cases highlights

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Among investors, service issues were the most frequently raised concern in 2025, reflecting a continued trend from the prior year. Complaints involving instructions not followed and transfer delays increased significantly compared to 2024. Investment suitability and crypto fraud‑related complaints declined year over year but remained among the top issues raised by investors in 2025.

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Common shares and mutual funds remained the leading product complaints raised with OBSI, with complaint volumes increasing modestly compared to 2024. Complaints related to crypto assets and scholarship trust plans declined year over year, while complaints involving GICs and cash equivalents increased significantly.

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Three systemic issues reported

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In 2025, OBSI reported three specific systemic issues to regulators.