Banking and investment complaints up 43% in 2008: ombudsman

The number of cases opened by the country's banking and investment ombudsman rose 43 per cent last year, with a busy 2009 projected.

The ombudsman for banking services and investment consumers said Wednesday that it opened 670 cases during its 2008 fiscal year, up from 468 files in 2007. The office opened 328 complaints in 2006.

David Agnew said increases in complaints were seen in both banking serices and investment files.

"The increase shows growing awareness of OBSI's services and the right of consumers to bring their unresolved disputes to us," said Agnew.

The ombudsman said suitability complaints are the usual focus of investment files. Those issues arise when consumers feel investment objectives are not in line with the securities recommended by their investment adviser.

In the banking sector, loans and transaction accounts were the leading sources of complaints.

"With the volatility of the markets, and the downturn in the economy, we expect a busy 2009," said Agnew.