Consumer and Investor Advisory Council

In fiscal 2022, a primary focus for the CIAC was its preparation for and submission to the independent, expert evaluation of OBSI’s operations and practices, for both banking- and investment-related complaints.

The primary focus for the CIAC over the course of 2021:

• Provided comments for the board’s consideration on the Strategic Plan for 2022–2026
• Provided input to the board on consumer issues and regulatory matters, such as complaint volume preparedness, the final report from the Ontario Capital Markets Modernization Taskforce and the Department of Finance Canada’s consultation for Strengthening Canada’s External Complaint Handling System and urged immediate proactive steps by OBSI
• Proposed reasons for greater transparency by OBSI and for a public voice for CIAC
• Reviewed and commented on an international comparison of Ombuds offices and urged improvement by OBSI
• Advocated for greater consumer and investor fairness and effectiveness as a counterbalance to the asymmetric resources and influence of industry
• Reviewed CIAC capacity, membership diversity and skills matrix to enhance recruitment practices
• Provided initial feedback on the new Data Cube (to be launched in 2022) as part of the development phase and sought greater input prior to launch
• Sought authority to recruit new CIAC members

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

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

The primary focus for the CIAC over the course of 2018 

• 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

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.