Ombudsman for Banking Services and Investments' Board Approves Renewed Terms of Reference
The Ombudsman for Banking Services and Investments (OBSI) is pleased to announce that our Board of Directors has approved changes to update and modernize the organization’s Terms of Reference (TORs) following a comprehensive public consultation process.
OBSI's TORs describe the organization’s powers and duties, as well as the dispute-resolution mandate and process of the organization. The renewed TORs have been modernized to ensure they are current, clear and easy to use.
OBSI published the proposed revisions to its TORs for public consultation on April 13, 2018. During the comment period that expired May 31, 2018, 10 submissions were received from a range of stakeholders (8 public and 2 private). OBSI also sought and received comments from banking and securities regulators. We thank all those who provided their input into this important project.
The summary of comments and OBSI’s response, a blackline of the changes stemming from comments, as well as our new Terms of Reference are linked to below.
OBSI Terms of Reference effective December 6th, 2018
OBSI Updated TORS (blackline)
OBSI’s response to public consultation submissions