Former head of the Ontario Securities Commission (OSC) Maureen Jensen has been named to the board of the Ombudsman for Banking Services and Investments (OBSI), and is set to become its next chair.
The industry dispute resolution service appointed Jensen, who stepped down from her position as OSC chair and CEO last year, to its board effective immediately. She’ll be nominated as OBSI’s next chair when current chair Jim Emmerton’s term ends in March 2022.
“As a supporter of OBSI dating back to my years of leadership at the OSC, I look forward to working with the board and OBSI stakeholders to support OBSI’s public interest mandate and its ongoing efforts to inspire confidence in Canada’s financial services system,” said Jensen, in a release.
As head of the OSC, Jensen championed investor protection. She is now joining OBSI amid increasing demands for improved consumer protection in the financial sector.
“This is an important time for Canada’s financial consumer protection framework and for OBSI,” said Emmerton. “The Liberal government committed in its election platform to establish a single banking ombudsman with binding authority to replace the current system where banks can choose the referee for complaints. And Canadian securities regulators are working with OBSI to establish binding authority for investor complaints.”
Jensen has plenty of experience in the regulatory realm. Prior to heading the OSC, she was the commission’s executive director and chief administrative officer. She also worked at the Investment Industry Regulatory Organization of Canada (IIROC) and one of its predecessors, Market Regulation Services Inc.
“I am delighted to be able to welcome such a strong and effective leader to OBSI to help shepherd the organization through the years to come,” Emmerton said.