Terms of Reference (December 2007)
CONSULTATION PERIOD IS NOW CLOSED
OBSI's mandate, or Terms of Reference, last underwent significant amendment in 2002 when we welcomed the members of the IDA, MFDA and IFIC, and expanded our coverage on the deposit-taking side as well. Much has changed in the last five years. More recently, along with the insurance ombudservices, we have approved the Framework for Cooperation with the federal and provincial regulators that have set out expectations for the scope and level of service we offer as part of the consumer protection system in financial services.
Our independent review also pointed out areas where we could continue to improve our service. At its September meeting, the OBSI Board of Directors approved in principle amending the Terms of Reference to align our mandate with the Framework. A revised Terms of Reference has been drafted, and is now being released for consultation to all stakeholders.
The deadline for comments is January 15, 2008. All comments will be published on our website.