Terms of Reference (June 2013)
CONSULTATION PERIOD IS NOW CLOSED
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 OBSI's Bylaw and Articles by describing the principal powers and duties of the Ombudsman, 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.
OBSI is now issuing a revised set of Terms of Reference for public consultation. This is another step in the 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.
There are different rationales for the various proposed changes. Some are required by the Financial Consumer Agency of Canada (FCAC) as part of their application process for external complaint bodies for the banking sector. Others are intended to improve the efficiency of our process. Some revisions have been proposed over the years by various stakeholders and OBSI agrees they have merit. Finally, many changes are merely housekeeping in nature.
The consultation document outlines the changes to the Terms of Reference that OBSI's Board of Directors considers to be noteworthy or material. Changes that are purely housekeeping in nature are not detailed in the document.