Business People Meeting Discussion in a boardroom concept

Ahead of a possible shakeup to dispute resolution, the Investment Industry Regulatory Organization of Canada (IIROC) is seeking candidates to serve as its nominee to the board of the Ombudsman for Banking Services and Investments (OBSI).

Currently, the board is comprised of 10 directors — seven so-called “community” directors, including one “consumer interest director,” and three industry directors.

IIROC and the Mutual Fund Dealers Association of Canada (MFDA) each nominate one director to the board, with OBSI ultimately choosing from a short list provided by the SROs.

In a notice, IIROC indicated that it’s seeking potential nominees from investment dealers with significant management and retail experience.

“OBSI is particularly interested in candidates that have expertise and experience in public affairs, consumer affairs and education, and enterprise risk management,” it noted.

Board members may be appointed to a four-year term and can serve up to eight years.

Applications must be submitted by Dec. 31, and candidates will be considered by IIROC’s board in January 2021.

The call comes ahead of possible changes to OBSI.

Earlier this month, an Ontario government task force signalled that it will likely recommend that OBSI be given binding powers, with added procedural safeguards for both investors and the industry.

That task force is due to issue its final report next month.