The Ombudsman for Banking Services and Investments (OBSI) announced several changes on Thursday including its application for formal arbiter recognition, a new bank and a beefed up consumer advisory council.
OBSI reports that it has submitted its application to the Financial Consumer Agency of Canada (FCAC) for recognition as an approved external complaint body (ECB), as required under new federal rules.
The group, which filed its application on the first day that applications were accepted (Sept. 3), says, “We have every confidence OBSI will be approved as an ECB.” And, it pledges to “keep stakeholders apprised as to the status of our application as it is processed.”
In the meantime, OBSI reports that the new banking business being launched by telecom company, Rogers Communications Inc., has applied to join OBSI. The company announced on Sept. 6 that it had received approval from the Office of the Superintendent of Financial Institutions (OSFI) for Rogers Bank to open for business. And, OBSI reports that it received Rogers Bank’s membership application the same day.
The new firm is expected to start by rolling out a credit card program that will become available next year, it says.
Finally, OBSI reports that it has added two new members to its Consumer and Investor Advisory Council, which is charged with providing consumer input to OBSI’s board. The two new members of the council are: securities lawyer, Eric Spink, former director of enforcement and vice-chair of the Alberta Securities Commission (ASC), and former executive director of capital markets policy at Alberta Finance; and, Richard Swift, senior partner in small law firm based in Courtenay, BC.
Additionally, OBSI reports that three of its directors were re-elected at its latest annual meeting. Public directors, Adrian Burns and Louise Martel, were both re-elected for three-year terms; and, Lynne Kilpatrick, an industry director nominated by the Canadian Bankers Association (CBA), was re-elected for a two-year term.