OBSI's Consumer and Investor Advisory Council (CIAC) was created to provide the input of consumers and investors into OBSI's governance and operations, complementing the input OBSI regularly receives from industry stakeholders and regulatory and government officials.
The CIAC has provided OBSI’s board with valuable and impactful insights over many years.
On June 13, 2022, OBSI released the results of the 2021 independent evaluation of its operations and practices for investment related complaints conducted by Professor Poonam Puri. An important recommendation in the report called for OBSI’s board to undertake a strategic review of its governance structure, including considering the role of the CIAC and alternative ways to improve and enhance input from consumer and industry stakeholders.
This strategic governance review is now underway and, as a result, the CIAC’s activities are currently suspended. OBSI’s board is committed to strengthening and enhancing the consumer voice in the organization’s governance and will consider the recommendations of the review carefully.
The board looks forward to consulting broadly on these important governance updates as the organization continues to focus on fulfilling its public interest mandate.
Annual council activities
|
2017 - 2020
|
| 2020 |
|
The primary focus for the CIAC over the course of 2020:
- Collaborated with the OBSI’s Board of Directors to appoint a new Consumer Interest Director on the board
- Reviewed and commented on the updated OBSI’s statement for investigation timeliness standards
- Recommended improvements to the OBSI website and published materials
- Reviewed the council’s own capacity, membership diversity and skills matrix for future membership renewal
- Reviewed and provided input on OBSI’s response to Ontario’s Capital Markets Modernization Taskforce consultation
- Reviewed and provided feedback on OBSI’s Report on Income and Canadian Financial Consumer Complaints and annual consumer survey
- Participated in the annual strategic planning process with the board and senior management team
|
| 2019 |
|
The primary focus for the CIAC over the course of 2019:
- Reviewed the OBSI complaint handling process
-
Recommended improvements to the OBSI website and published materials
-
Provided feedback on the Senior's Report, the online consumer complaint form and the annual consumer survey
-
Recommended changes to the communication of loss calculations
-
Participated in efforts to have the federal government designate OBSI the sole ombuds service for Canada's banks
-
Participated in the annual strategic planning process with the board and senior management team
|
| 2018 |
|
The primary focus for the CIAC over the course of 2018 was:
- the development of its Statement of Expectations, which outlines the council's roles and responsibilities
- renewal of the council membership
- discussions with the board on OBSI's strategic priorities and the challenges facing consumers and investors
|
| 2017 |
|
The primary focus for the CIAC over the course of 2017 was the development of its Statement of Expectations, which outlines the council's roles and responsibilities, renewal of the council membership, and discussions with the board on OBSI's strategic priorities and the challenges facing consumers and investors.
|
|
Related Documents
These materials are provided on our website at the request of the independent OBSI Consumer and Investor Advisory Council.
October 7, 2019 - Update from the Chair of the Consumer and Investor Advisory Council
Submission of the OBSI CIAC on the Independent Evaluation of the OBSI under Article 4 of the MOU Between Participating CSA Members and OBSI
Comments to OBSI's Board on the 2016 Independent Reviewer's Report
Comments to OBSI Board on Consultation on OBSI's Terms of Reference
Media Release: Consumer Voice Lost Without Independent OBSI, Council Worries
Council Report to the OBSI Board of Directors (January 2012)
Council Position on OBSI Stuck Cases
Council Response to Independent Reviewer's Report
Media Release: Consumer and Investor Advisory Council to OBSI alarmed by TD Bank decision
