Independent External Review of the Ombudsman for Banking Services and Investments (OBSI)
OBSI’s Terms of Reference require a knowledgeable, independent third-party evaluation of its operations conducted according to timelines set out by banking and securities regulators.
Specialist consultancy crkhoury (CRK) has been appointed to conduct the 2026 independent external review of OBSI’s operations and practices for both banking and investment-related complaints. The purpose of this independent review is to evaluate whether OBSI has fulfilled its regulatory obligations and operates effectively in accordance with recognized best practices for financial services ombudsmen.
About CRK
CRK has an extensive background with external complaints-handling bodies (ECBs), having conducted 27 previous independent reviews of such organisations in Australia, New Zealand, Malaysia, the US and Canada.
The review team is led by CRK principal Phil Khoury, a former Executive General Manager of the Australian Securities and Investments Commission. He and his team have worked extensively with industry bodies, external complaints handling schemes and specialist disciplinary bodies.
See the CRK website (crkhoury.com.au) for further information.
The Review process
Our Review must address each of the comprehensive expectations of OBSI set out in the Bank Act and in the Mandatory Reporting Guide for External Complaints Body as overseen by the Financial Consumer Agency of Canada. It must also address the expectations spelled out in the Memorandum of Understanding with the Canadian Securities Administrators, overseen by the Joint Regulators Committee. (See the Useful Links page of this site for these requirements).
Among other things, this review will include evaluation of:
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- OBSI’s internal performance, its processes and policies, and a detailed review of a comprehensive sample of completed complaints case files
- OBSI’s engagement with participating firms, with consumer users of its service, with industry associations and community groups, as well as with regulators
- OBSI’s governance arrangements
- OBSI’s information and education efforts
- OBSI’s supporting functions, including training, IT systems, Human Resources, communications and administration
- Specific issues relevant to the Review when raised with us by stakeholders
The Review is expected to be completed in May 2026.
How to have input
CRK will also obtain direct stakeholder input through roundtable discussions, individual interviews and inviting written submissions and/or through an online survey. For more details see the Request for Comment page. Contribution through these channels is due by 24th April 2026.
Where contributors consent, their submissions will be published on the Public Submissions page of this website and on OBSI’s website.