pc
nid 94208
Jul 23, 2026
ataylor@vixio.com
British Columbia
The British Columbia Securities Commission
financial services
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2216 charsBritish Columbia Securities Commission Publishes Joint Regulators Committee Annual Report for 2025
On July 23, 2026, the British Columbia Securities Commission (BCSC), alongside the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO), published the Joint Regulators Committee (JRC) Annual Report for 2025. The JRC oversees the Ombudsman for Banking Services and Investments (OBSI), an independent dispute resolution service for investors in Canada.
The JRC's mandate is to facilitate information sharing, monitor the dispute resolution process, support fairness and accessibility, and promote investor protection and confidence in the external dispute resolution system. During 2025, the JRC held regular meetings in January, March, June, and October, and met with OBSI's Board of Directors in December. Key activities included monitoring OBSI's independent evaluations, reviewing quarterly complaint reports, tracking emerging complaint trends, and overseeing OBSI's operational initiatives. The JRC noted that OBSI experienced a three percent increase in opened investment cases in fiscal 2025, with significant increases in complaints related to investment dealers (19 percent), mutual fund dealers (16 percent), and portfolio managers (41 percent). Complaint volumes relating to investment suitability declined, while complaints about instructions not followed, service issues, transfer delays, and unauthorized transactions increased. The JRC expressed concern about low settlement cases, where firms offered complainants less than OBSI recommended. Since fiscal 2018, low settlements resulted in complainants receiving approximately $2.1 million less than recommended. The JRC continues to support the CSA's work to provide OBSI with binding decision-making authority to strengthen investor protection. Additionally, OBSI assumed responsibilities as the sole external complaints body for the banking industry on November 1, 2024, resulting in unprecedented case volume increases requiring expanded staffing resources.
The JRC welcomes stakeholder feedback and comments on this annual report, which can be submitted to ContactJRC-CMOR@acvm-csa.ca. For additional information, readers may review OBSI's Annual Report for its fiscal year ending October 31, 2025.
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2732 charsJoint Regulators Committee Publishes Annual Report on Ombudsman for Banking Services and Investments Oversight
On July 23, 2026, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) published a staff notice serving as the Annual Report of the Joint Regulators Committee (JRC) of the Ombudsman for Banking Services and Investments (OBSI) for the 2025 calendar year. The JRC, composed of representatives from the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the Autorité des marchés financiers, and CIRO, oversees OBSI's investments mandate under a Memorandum of Understanding. The report provides an overview of the JRC's activities and highlights major issues affecting OBSI's dispute resolution system for investment complaints.
Key activities and findings from the report include:
Binding authority and low settlements: The JRC continued to receive updates on the CSA's project to provide OBSI with binding decision-making authority to give awards. There were no compensation refusals in OBSI's 2025 fiscal year, but four low settlements occurred, two involving recommendations over CAD$100,000 (approximately US$73,000). Since 2018, low settlements have resulted in complainants receiving approximately CAD$2.1m (approximately US$1.53m) less than OBSI recommended across 50 cases involving 28 firms. In 2025, OBSI reported a systemic issue involving a registered firm with inadequate client information and internal controls, which was referred to the relevant regulator.
Investment complaint trends: OBSI experienced a 3 percent increase in opened investment cases, with a 19 percent rise in complaints against investment dealers, 16 percent against mutual fund dealers, and 41 percent against portfolio managers. Upward trends emerged in complaints about instructions not followed, service issues, transfer delays, and unauthorized transactions. Crypto asset fraud remained common, with fraudsters increasingly impersonating regulators.
Operational initiatives: OBSI consulted with the JRC on creating a distinct crypto firm sector for fee-setting purposes due to disproportionately high complaint volumes from crypto firms. OBSI also updated the JRC on its Proactive Resolution pilot and deployment of virtual agent technologies. CIRO's Disgorgement Distribution Program became effective April 1, 2026. The JRC will also keep apprised of OBSI's efforts to enhance case handling efficiency and administrative processes through technology.
The JRC continues to engage with OBSI on implementation of recommendations from the 2021 independent evaluation and preparations for the 2026 evaluation. The JRC welcomes stakeholder feedback through ContactJRC-CMOR@acvm-csa.ca. The report is available on CSA and CIRO websites.