The Ombudsman for Banking Services and Investments (OBSI) has created a new board position to defend consumer interests.
OBSI’s board of directors approved a change to its bylaw that will require it to designate a consumer interest director focused on representing consumers, OBSI says.
“Given the increasing range and complexity of issues that consumers of financial services face, the board felt the time was right introduce this director designation,” said OBSI chair Jim Emmerton in a release.
OBSI’s board consists of 10 directors, seven of whom are community directors who have not been part of industry or government for at least two years; three are industry directors appointed from shortlists of nominees provided by designated industry bodies.
OBSI’s board has one vacancy among its community directors, which will be filled by the new consumer interest director. It’s currently identifying candidates for the position.
OBSI is a national body that seeks to resolve disputes between consumers and financial services firms.