Canada’s Ombudsman for Banking Services and Investments (OBSI) announced changes to its board of directors with the creation of a director to represent consumers.
OBSI serves as a dispute resolver for Canada’s investment industry and some of its major banks. Consumers who are unable to resolve a complaint with their investment firm or member bank can open a complaint with OBSI, which can investigate and recommend compensation.
In its May 28 press release, OBSI announced bylaw changes that would require at least one of its 10 directors to be designated as ‘Consumer Interest Director’, with a “particular interest in, access to, and experience in representing the interests of the types of consumers which OBSI serves.”
The new Consumer Interest Director will be one of the seven Community Directors who comprise the board along with three Industry Directors appointed from nominees provided by designated industry bodies.
In the release announcement, Jim Emmerton, OBSI Chair, said the time was right to introduce this position “given the increasing range and complexity of issues that consumers of financial services face.”