The Ombudsman for Banking Services and Investments is seeking comment on proposed changes to its terms of reference.

OBSI issued a request for public comment today on proposed revisions that it describes as “housekeeping” in nature, which are meant to clarify certain aspects of OBSI’s operations and mandate.

The proposed revisions include clarifying that there are circumstances where confidentiality will no longer be maintained, and that information may be made public if a firm refuses a recommendation of the ombudsman

It would also delete from OBSI’s mandate the stipulation that its’ recommendations should seek to achieve a resolution “that is satisfactory to the complainant and the firm”. It explains that “Stakeholder feedback was that this sentence was confusing and was seen to contradict OBSI’s objective of making the client whole based on what is fair in the circumstances, should a recommendation in favour of the client be made.”

Comments are due by November 29.

IE