OBSI Launches New Five-Year Strategic Plan

Toronto, January 11, 2022 – Canada’s Ombudsman for Banking Services and Investments (OBSI) has released its 2022–2026 Strategic Plan.

“Our last strategic plan was a guide to keep us focused on important modernization activities and help us evolve as a resilient, efficient organization. Looking ahead, as we continue to weather the impacts of the COVID-19 pandemic, we see further opportunities to provide value to the consumers, firms, and regulators we work with,” said Sarah Bradley, Ombudsman and CEO. “In this strategic plan for 2022–2026, our goal is to give our organization an effective focus, with the flexibility we need to both excel and adapt.”

To build on its foundation as Canada’s trusted, independent financial services ombudsman and increase its resilience in a constantly evolving environment, OBSI will focus on three interconnected success pillars and related objectives. Each year, the annual operating plans and key initiatives of the organization will align with these pillars, while remaining flexible and reflecting any adjustments necessary to address emerging issues.

Success Pillar 1: Public assistance and dispute resolution

OBSI provides information services to assist consumers who reach out to us with a complaint, and we conduct fair, efficient, and effective investigations of disputes between consumers and participating firms. We will:

• Deliver accessible, high-quality information services that help consumers who have reached out to us to make informed choices.
• Conduct fair, independent investigations of disputes between consumers and participating firms.
• Explore innovative dispute resolution approaches that drive efficiency and effectiveness.

Success Pillar 2: Communication, awareness and thought leadership

OBSI works to improve awareness of our services and share our expertise and experience to increase trust and strengthen the financial services sector in the public interest. We will:

• Deliver messaging to consumers and collaborate with stakeholders to strengthen public awareness and ensure consumers have easy access to information about OBSI when they have a problem.
• Share information and provide thought leadership.
• Build and maintain strong relationships with our stakeholders.
• Advance regulatory and policy changes that improve consumers’ access to effective financial ombudsman services in Canada.

Success Pillar 3:  Organizational resilience and continuous improvement

OBSI is efficient and effective and adapts to changes in the financial services sector and our operating environment. We will:

• Foster a culture of innovation and continuous improvement.
• Deliver high-value services to participating firms that reflect OBSI’s overall value proposition.
• Invest in OBSI’s people to strengthen employee engagement and wellbeing and support
• operational excellence.
• Foster public and industry confidence by demonstrating accountability for our organizational practices.

“This new strategic plan was developed at a time of significant challenge and change for OBSI, consumers who use our services, and the whole financial sector in Canada. The COVID-19 pandemic has led to significant changes in financial marketplaces, the expectations and approaches of Canadians, and the way services are delivered by the industry. We are in an exciting period of innovation and growth and need to be engaged and responsive to these changes as an organization. We are also looking forward to welcoming a new Chair of our board of directors in the spring of 2022, and engaging with regulators on a range of important initiatives currently under active consideration that could change the nature of our business. Times of uncertainty, evolution and opportunity are when strategic planning matters most,” Ms. Bradley said.

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The Ombudsman for Banking Services and Investments (OBSI) is a national, independent and not-for-profit organization that helps resolve and reduce disputes between consumers and financial services firms. OBSI is responsive to inquiries, conducts fair and accessible investigations of unresolved disputes, and shares its knowledge and expertise with the stakeholders and the public. If a consumer has a complaint against an OBSI participating bank or investment firm that they are not able to resolve with the bank or firm, OBSI will investigate at no cost to the consumer. Where a complaint has merit, OBSI may recommend compensation up to a maximum of $350,000.

For more information, contact:
Mark Wright, Director, Communications and Stakeholder Relations
publicaffairs@obsi.ca
416-287-2877 ext. 2225