OBSI establishes board position for Consumer Interest Director

Toronto, May 28, 2020 – Today, the Board of Directors for the Ombudsman for Banking Services and Investments (OBSI) approved changes to the organization’s Bylaw to require at least one director to be designated a Consumer Interest Director. A Consumer Interest Director will have a particular interest in, access to, and experience representing the interests of the types of consumers which OBSI serves.

“Given the increasing range and complexity of issues that consumers of financial services face, the board felt the time was right to introduce this director designation,” said Jim Emmerton, Chair, OBSI. “While each board member brings a range of competencies, a Consumer Interest Director will have experience that offers additional consumer and investor insights that will help inform decisions of the board.”

OBSI’s board consists of 10 directors, which the board considers to be an appropriate size: seven Community Directors, who have not been part of industry or government for at least two years; and three Industry Directors, who are appointed from shortlists of nominees provided by designated industry bodies. The Consumer Interest Director will also meet the qualifications of and be a Community Director.

“While OBSI’s board has both Community and Industry Directors, and will soon have a designated Consumer Interest Director, all directors of OBSI have a fiduciary relationship to the organization and must act with a view to the best interests of the organization,” said Mr. Emmerton. 

OBSI’s board currently has one vacancy, to be filled by the new Consumer Interest Director, and the identification of candidates is currently underway. OBSI’s board recruitment is conducted by the organization’s Governance and Human Resources Committee, which identifies new independent board members on the basis of a skills matrix that balances diversity, geography and a variety of backgrounds and skills. Collectively, OBSI’s directors have experience in business, law, consumer affairs, economics, community organizations, dispute resolution and public service.

In addition, OBSI's Consumer and Investor Advisory Council provides the board with the perspective of consumers and investors, complementing the input OBSI receives from industry stakeholders, community and consumer organizations, and regulatory and government officials.

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Canada’s Ombudsman for Banking Services and Investments (OBSI) is a national, independent and not-for-profit organization that helps resolve and reduce disputes between consumers and financial services firms in both official languages. OBSI is responsive to consumer inquiries, conducts fair and accessible investigations of unresolved disputes, and shares its knowledge and expertise with the stakeholders and the public. If a consumer has a complaint against an OBSI participating financial institution or investment firm that they are not able to resolve with the institution or firm, OBSI will investigate at no cost to the consumer. Where a complaint has merit, OBSI may recommend compensation up to a maximum of $350,000.

For more information, contact:
Mark Wright, Director, Communications and Stakeholder Relations
416-287-2877 ext.2225
mwright@obsi.ca