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Tales from the Confidential Files of OBSI by Tyler Fleming

Promod Sharma
Promod Sharma

Learn about the main issues we face when dealing with banking and investment firms. Get 10 tips for protecting yourself. Tyler also explains how to get free help from the Ombudsman for Banking Services and Investments (OBSI). Tyler Fleming is the Director, Stakeholder Relations and Communications at OBSI. Here are the slides from his presentation at Insider Advice for Today's Topsy-Turvy Times, which took place at the Ted Rogers School of Management on February 6, 2014. Details at http://bit.ly/money5050b

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Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Insider Advice for Todays Topsy-Turvy Times February 6, 2014 Tyler Fleming Director, Stakeholder Relations and Communications Presentation is incomplete without the accompanying oral commentary Presented live at the Ted Rogers School of Management 1 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Agenda Introduction to OBSI Common themes and our observations Top 10 Tips Questions 2 Presented live at the Ted Rogers School of Management 2 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 INTRODUCTION 3 Presented live at the Ted Rogers School of Management 3 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Some Context OBSI is not a regulator nor a consumer advocate, although we do advocate for effective dispute resolution. Our observations are drawn from the very small proportion of complaints that reach our office. Recent FCAC research suggested there were over 300,000 financial consumer complaints. We saw only about 8,000 in 2013. 4 Presented live at the Ted Rogers School of Management 4 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Who We Are OBSI is Canada's independent dispute-resolution service for banking services and investment clients with a complaint they cant resolve with their firm. An alternative to the legal system. Started in 1996 covering major chartered banks. Became the Ombudsman for Banking Services and Investments in 2002 when our mandate expanded to all members of the: Investment Dealers Association (IDA), now IIROC Mutual Fund Dealers Association (MFDA) Investment Fund Institute of Canada (IFIC) 5 Presented live at the Ted Rogers School of Management 5 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Who We Are (Cont'd) OBSI currently has approximately 600 participating firms, including: Banks Credit Unions Federally-regulated trust companies Investment dealers Mutual fund dealers Scholarship plan dealers Portfolio managers Exempt market dealers 6 Presented live at the Ted Rogers School of Management 6 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Who We Are Investigation services available in English and French, while customer inquiries can be handled in over 170 languages. Service is free to complainants. We can recommend restitution of up to $350,000. 7 Presented live at the Ted Rogers School of Management 7 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Canadas Unique Environment for a Financial Sector Ombudsman Banking is federal; trust companies can be federal or provincial. Credit unions are provincial, but that system is currently evolving. Non-bank consumer credit is provincial. Securities regulation (investment leverage loans) is provincial (for now). Consumer protection issues are predominantly provincial. Criminal Code provision restricting interest rates to 60% is federal. 8 Presented live at the Ted Rogers School of Management 8 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI What We Do Conduct non-legalistic, confidential and independent reviews of complaints that havent been resolved to the satisfaction of consumers. Look primarily at cases of direct financial loss resulting from error, misleading information or bad advice. Take into account laws, regulations, industry standards and practices, and firm policies to decide what would be fair under the circumstances. Seek to make the client whole where maladministration is found to have occurred. 9 Presented live at the Ted Rogers School of Management 9 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI What We Do (Cont'd) Neither a court nor a regulator, we do not fine or discipline firms or individuals. We make recommendations to the firm, which are not binding on either party. Clients do not forfeit their legal rights; they may reject our findings and start legal proceedings. 10 Presented live at the Ted Rogers School of Management 10 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI What We Do (Cont'd) The Olive Branch: OBSI gives participating firms an impartial service to which they can refer their unresolved complaints. The Stick: OBSI will make public any participating firms refusal of a recommendation. 11 Presented live at the Ted Rogers School of Management 11 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Governance Board majority of Community Directors (independent of industry). Community Directors must not be associated with either industry or government for two years prior to appointment. Chair of the Board is a Community Director. OBSIs budget, and the hiring and evaluation of the Ombudsman, require both a Board majority and a majority of Community Directors. Board does not get involved in any investigations. 12 Presented live at the Ted Rogers School of Management 12 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Our Investigative Process We review the file to make sure it is within our mandate. We then conduct an initial assessment of the file based on the final response letter the client received from their firm, as well as any other material provided by the client. If we determine a full investigation is warranted, the client and firm sign a letter agreement with provisions for privacy release, confidentiality, and no subsequent use. Following that, the firm sends us their complete internal investigation file. 14 Presented live at the Ted Rogers School of Management 13 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Our Investigative Process (Cont'd) We conduct our investigations based on interviews with the relevant players, as well as a document review. Compensation recommendations take into account actual costs or losses, mitigation issues and accrued interest. Some non-financial losses are also considered (e.g., negative credit bureau reports). We discuss our findings with both parties, and finish with a comprehensive report outlining the reasoning behind our conclusion. 15 Presented live at the Ted Rogers School of Management 14 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 COMMON COMPLAINT THEMES & OBSERVATIONS 17 Presented live at the Ted Rogers School of Management 15 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Statistics In 2012: 446 investment case files (up 10%) 210 banking case files (down 47%, largely due to TDs departure) Case file volumes more than tripled with the financial and market meltdown of 200809. The most frequent complaint issues were investment suitability, debit and credit card fraud, mortgage penalties. Complainants receive compensation in about 30% of the case files we review. 18 Presented live at the Ted Rogers School of Management 16 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI 4000 3500 3000 2500 2000 1500 1000 19 Presented live at the Ted Rogers School of Management 17 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Complaint Themes - Banking Deposit scams Debit and credit card fraud Online security phishing Mortgages Credit/collections Credit bureau information 20 Presented live at the Ted Rogers School of Management 18 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Complaint Themes - Investments Suitability of investment advice Suitability of individual investments Suitability of portfolios Unauthorized transactions Deferred service charge issues (disclosure, suitability) Transaction errors Use of leverage 21 Presented live at the Ted Rogers School of Management 19 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Do investors understand: The risks associated with investments? The difference between risk tolerance and loss tolerance? That higher returns come at the expense of higher risk? The disclosure given by firms? The complexity of products available? The fees associated with investing? Their responsibility to read their statements and mitigate losses? The need to document and retain everything? The need to save for retirement early? 22 Presented live at the Ted Rogers School of Management 20 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Case Study Negligent PIN Selection? Bank customer met a woman at a bar. After several hours of drinking and conversation, he headed home with her. Discovered his wallet was missing the next morning, checked at the bar, then notified his bank. Thief had made point of sale purchases of $2,000 and $1,400 in cash advances on the Visa account overnight; ABM withdrawals from several accounts at different banks. 23 Presented live at the Ted Rogers School of Management 21 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Case Study Negligent PIN Selection? Client claimed he was not responsible for all the losses. Crook tried various PINs; hit the right combination after 6 tries. Should the customer have been reimbursed for the amounts taken? Show of hands please.... Does your answer change when you learn that... 24 Presented live at the Ted Rogers School of Management 22 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Case Study Negligent PIN Selection? The woman was a prostitute. The man had been drinking heavily. The woman was also a professional thief with prior convictions; she was convicted but the money was gone. The man had used the same PIN on all his cards and chose an easy one to remember...1-2-3-4. 25 Presented live at the Ted Rogers School of Management 23 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Case Study Negligent PIN Selection? The man did not read or understand English or French. The man was 71 years old. The man had used the same easily remembered PIN for all his cards because his cognitive abilities were failing. 26 Presented live at the Ted Rogers School of Management 24 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 TOP TEN TIPS 27 Presented live at the Ted Rogers School of Management 25 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Top 10 Tips 1. Read everything you sign: Few people bother to read in full every document they sign. They should. Understand what you are signing to avoid nasty surprises down the road. 2. Ask questions: Knowledge is power. If something isnt clear to you, ask for more information or clarification. If you still dont understand, bring along someone you trust so you both hear the explanation. 3. Keep records: The individual or institution you are dealing with will have a record of their interactions with you. So should you. Take notes of important conversations, confirm instructions in writing, and keep copies of everything. 28 Presented live at the Ted Rogers School of Management 26 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Top 10 Tips 4. Save your money: Set aside a portion of your income each month for your retirement and unforeseen events. Life is full of surprises; have a contingency fund in place for the unpleasant ones. 5. Review your account statements: Carefully review all account documents sent to you each month, whether by mail or electronically. Report any errors or suspicious activity immediately; if you wait too long, you might be held responsible. 6. Safeguard personal information: Keep your financial documents in a safe and secure place. Shred all personal financial information that you no longer need so the bad guys cant use it. 29 Presented live at the Ted Rogers School of Management 27 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Top 10 Tips 7. Plan ahead: Have a financial plan so in the future you can live the life you want. Dont be caught unprepared in later years. 8. Make a will: They say that the only things certain in life are death and taxes. No matter how old you are, make sure that you have a valid and updated will. If you dont, you lose control over where your wealth goes. Dont let lawyers or the government make the decision for you. 9. Create a Power of Attorney: Regardless of your age, have a valid power of attorney in place in case you become unable to manage your own affairs. By doing so you can prevent heartache for your loved ones should something happen to you. 30 Presented live at the Ted Rogers School of Management 28 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Top 10 Tips 10. Speak up: Most banking services and investment firms want to do the right thing for their customers. If you have a concern or complaint, dont be afraid to let your financial services firm know. If they cant make things right for you, know that there are other places where you can go for assistance, like the Ombudsman for Banking Services and Investments. 31 Presented live at the Ted Rogers School of Management 29 of 30 money5050.com
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI QUESTIONS? Website: www.obsi.ca Email: ombudsman@obsi.ca Toll-free Telephone: 1-888-451-4519 32 Presented live at the Ted Rogers School of Management 30 of 30 money5050.com

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Tales from the Confidential Files of OBSI by Tyler Fleming

  • 1. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Insider Advice for Todays Topsy-Turvy Times February 6, 2014 Tyler Fleming Director, Stakeholder Relations and Communications Presentation is incomplete without the accompanying oral commentary Presented live at the Ted Rogers School of Management 1 of 30 money5050.com
  • 2. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Agenda Introduction to OBSI Common themes and our observations Top 10 Tips Questions 2 Presented live at the Ted Rogers School of Management 2 of 30 money5050.com
  • 3. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 INTRODUCTION 3 Presented live at the Ted Rogers School of Management 3 of 30 money5050.com
  • 4. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Some Context OBSI is not a regulator nor a consumer advocate, although we do advocate for effective dispute resolution. Our observations are drawn from the very small proportion of complaints that reach our office. Recent FCAC research suggested there were over 300,000 financial consumer complaints. We saw only about 8,000 in 2013. 4 Presented live at the Ted Rogers School of Management 4 of 30 money5050.com
  • 5. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Who We Are OBSI is Canada's independent dispute-resolution service for banking services and investment clients with a complaint they cant resolve with their firm. An alternative to the legal system. Started in 1996 covering major chartered banks. Became the Ombudsman for Banking Services and Investments in 2002 when our mandate expanded to all members of the: Investment Dealers Association (IDA), now IIROC Mutual Fund Dealers Association (MFDA) Investment Fund Institute of Canada (IFIC) 5 Presented live at the Ted Rogers School of Management 5 of 30 money5050.com
  • 6. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Who We Are (Cont'd) OBSI currently has approximately 600 participating firms, including: Banks Credit Unions Federally-regulated trust companies Investment dealers Mutual fund dealers Scholarship plan dealers Portfolio managers Exempt market dealers 6 Presented live at the Ted Rogers School of Management 6 of 30 money5050.com
  • 7. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Who We Are Investigation services available in English and French, while customer inquiries can be handled in over 170 languages. Service is free to complainants. We can recommend restitution of up to $350,000. 7 Presented live at the Ted Rogers School of Management 7 of 30 money5050.com
  • 8. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Canadas Unique Environment for a Financial Sector Ombudsman Banking is federal; trust companies can be federal or provincial. Credit unions are provincial, but that system is currently evolving. Non-bank consumer credit is provincial. Securities regulation (investment leverage loans) is provincial (for now). Consumer protection issues are predominantly provincial. Criminal Code provision restricting interest rates to 60% is federal. 8 Presented live at the Ted Rogers School of Management 8 of 30 money5050.com
  • 9. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI What We Do Conduct non-legalistic, confidential and independent reviews of complaints that havent been resolved to the satisfaction of consumers. Look primarily at cases of direct financial loss resulting from error, misleading information or bad advice. Take into account laws, regulations, industry standards and practices, and firm policies to decide what would be fair under the circumstances. Seek to make the client whole where maladministration is found to have occurred. 9 Presented live at the Ted Rogers School of Management 9 of 30 money5050.com
  • 10. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI What We Do (Cont'd) Neither a court nor a regulator, we do not fine or discipline firms or individuals. We make recommendations to the firm, which are not binding on either party. Clients do not forfeit their legal rights; they may reject our findings and start legal proceedings. 10 Presented live at the Ted Rogers School of Management 10 of 30 money5050.com
  • 11. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI What We Do (Cont'd) The Olive Branch: OBSI gives participating firms an impartial service to which they can refer their unresolved complaints. The Stick: OBSI will make public any participating firms refusal of a recommendation. 11 Presented live at the Ted Rogers School of Management 11 of 30 money5050.com
  • 12. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Governance Board majority of Community Directors (independent of industry). Community Directors must not be associated with either industry or government for two years prior to appointment. Chair of the Board is a Community Director. OBSIs budget, and the hiring and evaluation of the Ombudsman, require both a Board majority and a majority of Community Directors. Board does not get involved in any investigations. 12 Presented live at the Ted Rogers School of Management 12 of 30 money5050.com
  • 13. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Our Investigative Process We review the file to make sure it is within our mandate. We then conduct an initial assessment of the file based on the final response letter the client received from their firm, as well as any other material provided by the client. If we determine a full investigation is warranted, the client and firm sign a letter agreement with provisions for privacy release, confidentiality, and no subsequent use. Following that, the firm sends us their complete internal investigation file. 14 Presented live at the Ted Rogers School of Management 13 of 30 money5050.com
  • 14. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Our Investigative Process (Cont'd) We conduct our investigations based on interviews with the relevant players, as well as a document review. Compensation recommendations take into account actual costs or losses, mitigation issues and accrued interest. Some non-financial losses are also considered (e.g., negative credit bureau reports). We discuss our findings with both parties, and finish with a comprehensive report outlining the reasoning behind our conclusion. 15 Presented live at the Ted Rogers School of Management 14 of 30 money5050.com
  • 15. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 COMMON COMPLAINT THEMES & OBSERVATIONS 17 Presented live at the Ted Rogers School of Management 15 of 30 money5050.com
  • 16. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Statistics In 2012: 446 investment case files (up 10%) 210 banking case files (down 47%, largely due to TDs departure) Case file volumes more than tripled with the financial and market meltdown of 200809. The most frequent complaint issues were investment suitability, debit and credit card fraud, mortgage penalties. Complainants receive compensation in about 30% of the case files we review. 18 Presented live at the Ted Rogers School of Management 16 of 30 money5050.com
  • 17. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI 4000 3500 3000 2500 2000 1500 1000 19 Presented live at the Ted Rogers School of Management 17 of 30 money5050.com
  • 18. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Complaint Themes - Banking Deposit scams Debit and credit card fraud Online security phishing Mortgages Credit/collections Credit bureau information 20 Presented live at the Ted Rogers School of Management 18 of 30 money5050.com
  • 19. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Complaint Themes - Investments Suitability of investment advice Suitability of individual investments Suitability of portfolios Unauthorized transactions Deferred service charge issues (disclosure, suitability) Transaction errors Use of leverage 21 Presented live at the Ted Rogers School of Management 19 of 30 money5050.com
  • 20. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Do investors understand: The risks associated with investments? The difference between risk tolerance and loss tolerance? That higher returns come at the expense of higher risk? The disclosure given by firms? The complexity of products available? The fees associated with investing? Their responsibility to read their statements and mitigate losses? The need to document and retain everything? The need to save for retirement early? 22 Presented live at the Ted Rogers School of Management 20 of 30 money5050.com
  • 21. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Case Study Negligent PIN Selection? Bank customer met a woman at a bar. After several hours of drinking and conversation, he headed home with her. Discovered his wallet was missing the next morning, checked at the bar, then notified his bank. Thief had made point of sale purchases of $2,000 and $1,400 in cash advances on the Visa account overnight; ABM withdrawals from several accounts at different banks. 23 Presented live at the Ted Rogers School of Management 21 of 30 money5050.com
  • 22. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Case Study Negligent PIN Selection? Client claimed he was not responsible for all the losses. Crook tried various PINs; hit the right combination after 6 tries. Should the customer have been reimbursed for the amounts taken? Show of hands please.... Does your answer change when you learn that... 24 Presented live at the Ted Rogers School of Management 22 of 30 money5050.com
  • 23. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Case Study Negligent PIN Selection? The woman was a prostitute. The man had been drinking heavily. The woman was also a professional thief with prior convictions; she was convicted but the money was gone. The man had used the same PIN on all his cards and chose an easy one to remember...1-2-3-4. 25 Presented live at the Ted Rogers School of Management 23 of 30 money5050.com
  • 24. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Case Study Negligent PIN Selection? The man did not read or understand English or French. The man was 71 years old. The man had used the same easily remembered PIN for all his cards because his cognitive abilities were failing. 26 Presented live at the Ted Rogers School of Management 24 of 30 money5050.com
  • 25. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 TOP TEN TIPS 27 Presented live at the Ted Rogers School of Management 25 of 30 money5050.com
  • 26. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Top 10 Tips 1. Read everything you sign: Few people bother to read in full every document they sign. They should. Understand what you are signing to avoid nasty surprises down the road. 2. Ask questions: Knowledge is power. If something isnt clear to you, ask for more information or clarification. If you still dont understand, bring along someone you trust so you both hear the explanation. 3. Keep records: The individual or institution you are dealing with will have a record of their interactions with you. So should you. Take notes of important conversations, confirm instructions in writing, and keep copies of everything. 28 Presented live at the Ted Rogers School of Management 26 of 30 money5050.com
  • 27. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Top 10 Tips 4. Save your money: Set aside a portion of your income each month for your retirement and unforeseen events. Life is full of surprises; have a contingency fund in place for the unpleasant ones. 5. Review your account statements: Carefully review all account documents sent to you each month, whether by mail or electronically. Report any errors or suspicious activity immediately; if you wait too long, you might be held responsible. 6. Safeguard personal information: Keep your financial documents in a safe and secure place. Shred all personal financial information that you no longer need so the bad guys cant use it. 29 Presented live at the Ted Rogers School of Management 27 of 30 money5050.com
  • 28. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Top 10 Tips 7. Plan ahead: Have a financial plan so in the future you can live the life you want. Dont be caught unprepared in later years. 8. Make a will: They say that the only things certain in life are death and taxes. No matter how old you are, make sure that you have a valid and updated will. If you dont, you lose control over where your wealth goes. Dont let lawyers or the government make the decision for you. 9. Create a Power of Attorney: Regardless of your age, have a valid power of attorney in place in case you become unable to manage your own affairs. By doing so you can prevent heartache for your loved ones should something happen to you. 30 Presented live at the Ted Rogers School of Management 28 of 30 money5050.com
  • 29. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI Top 10 Tips 10. Speak up: Most banking services and investment firms want to do the right thing for their customers. If you have a concern or complaint, dont be afraid to let your financial services firm know. If they cant make things right for you, know that there are other places where you can go for assistance, like the Ombudsman for Banking Services and Investments. 31 Presented live at the Ted Rogers School of Management 29 of 30 money5050.com
  • 30. Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014 Tales from the Confidential Files of OBSI QUESTIONS? Website: www.obsi.ca Email: ombudsman@obsi.ca Toll-free Telephone: 1-888-451-4519 32 Presented live at the Ted Rogers School of Management 30 of 30 money5050.com