OBSI | June 26, 2023

The Ombudsman for Banking Services

The Ombudsman for Banking Services and Investments (OBSI) today announced the changes to its organizational governance following its public consultation on governance from November 1, 2022 to January 31, 2023.

OBSI Governance Restructuring:

• The Ombudsman for Banking Services and Investments (OBSI) has announced significant changes to its organizational governance following a public consultation.
• • These alterations are designed to optimize board membership and decision-making processes, effectively incorporate stakeholder interests, and improve the organization's ability to fulfil its public service mandate.
• Board Composition and Selection: The OBSI has revised its board's skills matrix to reflect diverse areas of expertise and representation, including business, regulatory experience, and geographic diversity.
  • The board will include three industry director positions, selected based on their knowledge and experience in the financial industry sectors. Furthermore, the number of designated consumer interest directors will increase from one to three, ensuring representation from consumer or investor advocacy sectors.

See:  Budget Promises to Overhaul Banking Complaints Process and Appoint FCAC to Reform

• Stakeholder Engagement:
  • Alongside the governance changes, OBSI is expanding its formal stakeholder outreach efforts through bi-annual meetings with consumer groups and industry associations. Moreover, OBSI has discontinued its Consumer and Investor Advisory Council (CIAC), instead choosing to enhance consumer engagement directly on the board, thereby ensuring ongoing and effective consumer and investor advice.

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