Terms of Reference (December 2013)
OBSI BOARD APPROVES NEW TERMS OF REFERENCE
OBSI's Board of Directors has approved changes to OBSI's Terms of Reference following an extensive public consultation.
OBSI's Terms of Reference embody the dispute-resolution mandate that our organization performs for the banking and investment industries. They expand on the mandate contained in our Bylaw and Articles by describing the principal powers and duties of OBSI, the duties of participating firms, the scope of the mandate, and the process of OBSI for receiving, investigating and seeking resolution of financial services customer complaints.
On June 12, 2013 OBSI issued a proposal for a revised set of Terms of Reference for a 60-day public consultation. The consultation was another step in our governance reform process, initiated in 2011, that saw, among other things, a new corporate Bylaw adopted and significant renewal of the Board of Directors, including the appointment of a new Chair.
During the consultation period we received 28 submissions from stakeholders. OBSI's Board would like to thank all stakeholders who took the time and effort to provide feedback on the Terms of Reference proposals.
The Board's response to stakeholder feedback and copies of the Terms of Reference are linked to on this page below.