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OBSI: How are we doing?

By Andrew Rickard | January 07 2016 09:55AM

The Ombudsman for Banking Services and Investments (OBSI) wants to know how well it is doing.

OBSI is undergoing an independent evaluation of its operations and practices for investment-related complaints. The organisation has appointed Deborah Battell, who used to be New Zealand’s banking ombudsman, to conduct the review. She has begun the consultation process and issued a call for submissions.

The evaluation will consider whether OBSI is fulfilling its obligations and whether any operational, budget, or procedural changes should be made in order to improve its effectiveness. The invitation to comment, which is available on the OBSI web site, includes a number of questions for stakeholders to consider. For example:

  • What, in your view, are the key reasons for firms refusing to compensate, or to pay at OBSI’s recommended amount?
  • How effective do you consider naming and shaming to be?
  • To what extent do you consider OBSI provides fair value for money?
  • To what extent do participating firms adequately promote OBSI? What more could these stakeholders do to ensure their customers know about OBSI when access to OBSI may help resolve a complaint?
  • To what extent do you consider OBSI’s process for dealing with complaints about its own service are transparent and effective?

Commenters are not restricted to the questions provided in the invitation, and are free to offer any remarks they may have concerning how well OBSI is fulfilling its duties. Submissions should be submitted by email to Ms. Battell at [email protected] by February 19, 2016, 5:00 pm Eastern Time.

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