Consumers and investors will have greater representation on the ombudsman's board following a three-month consultation
Investors and consumers will have a bigger role to play in the governance of Canada’s Ombudsman for Banking Services and Investments (OBSI).
The organization has announced changes to its governance board following a three-month consultation.
“Based on the input received from stakeholders, we are making important changes to further enhance the consumer and investor voice on our board, to create a broader and more flexible approach for industry director selection, and to increase our stakeholder outreach programs,” said Maureen Jensen, OBSI Board Chair. “The changes we are making will ensure that OBSI has the right governance and oversight to remain effective in meeting its public service mandate.”
Included in the changes are new selection criteria for board members and it will endeavour to ensure that at all times at least one industry director will have current or recent expertise in the banking industry and one industry director will have current or recent expertise with an Investment Dealer or Mutual Fund Dealer, as the majority of cases considered by OBSI relate to these financial services sectors.
The number of designated consumer interest directors will be increased from one to three with these positions being filled by those with relevant industry experience.
Outreach expansion
The ombudsman service is also expanding its formal stakeholder outreach efforts with separate bi-annual meetings with consumer groups and industry associations, led by the senior management team and including board member participation.
It will also consider other outreach initiatives including task forces, working groups, conducting surveys, and establishing focus groups on an as-needed basis for specific projects.
