IFIC Makes Submission on OBSI Governance Review
January 31, 2023 (Toronto) – The Investment Funds Institute of Canada (IFIC) today made its submission to the Ombudsman for Banking Services and Investments (OBSI) regarding its Governance Review.
“IFIC strongly supports continuing to have designated positions for industry participants on the OBSI board,” said Andy Mitchell, President and CEO, IFIC. “Industry directors contribute their detailed expertise concerning the various business models and complexities of product offerings, and provide important knowledge of the processes and information flows that affect the client experience.”
In its submission, IFIC also encouraged OBSI to update its board skills matrix to ensure its directors more effectively reflect and represent the needs and perspectives of the stakeholders impacted by OBSI’s services. It also recommended that two additional industry directors be added to the board to include more comprehensive industry expertise, and that the number of board members be set at up to 13 directors, with unaffiliated community directors in the majority with up to eight positions and industry directors set at five positions.
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
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