The financial services and banking industry ombudsman has published its updated strategic plan
Amid many changes for Canadians’ lives and the financial services they use, an independent regulator has updated its priorities for the next five years.
The Ombudsman for Banking Services and Investments (OBSI) says that its 2022-2026 Strategic Plan continues the modernization agenda of its previous plan and builds on some of its themes including resilience and efficiency.
“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,” said Sarah Bradley, Ombudsman and CEO. “We are in an exciting period of innovation and growth and need to be engaged and responsive to these changes as an organization.”
The three pillars on which the plan is built are:
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.