As the prospect of potentially historic changes looms, the Ombudsman for Banking Services and Investments (OBSI) is looking for a couple of new directors to join its board — one from the industry and one to represent investor interests.
In a release, OBSI said it will soon be launching a search to fill a current vacancy on its board and an expected new vacancy.
The group’s board comprises 10 directors: three industry directors and seven independent directors, including three designated “consumer interest directors.”
With OBSI looking to fill one slot on the industry side and one on the consumer side, the group said it will “engage with industry associations and consumer advocacy groups for potential candidate recommendations.”
Typically, industry directors are appointed from lists of nominees provided by designated industry bodies.
“Industry directors are selected for their experience and knowledge in one or more of the financial industry sectors that OBSI members operate in and must be directly affiliated with a participating firm at the time of their appointment or within the two preceding years,” it said.
The consumer interest directors “are selected for their experience in engaging in consumer advocacy in the banking, financial services or other sectors,” the agency said.
The board is currently chaired by Maureen Jensen, former chairwoman and CEO of the Ontario Securities Commission.
The new board positions come at a potentially critical time for OBSI, which is facing the prospect of fundamental reform to its mandate.
Earlier this year the Canadian Securities Administrators (CSA) completed a consultation on proposals to introduce binding authority for OBSI’s investor compensation recommendations.
While investor advocates have long championed enhanced powers for the dispute resolution service, the prospect of introducing binding authority has continued to face strong resistance from parts of the investment industry.
The CSA is reviewing the feedback it received on the consultation.