Final answer:
The role of the OBSI is to resolve complaints and disputes between banks/investment institutions and their customers by investigating complaints, facilitating negotiations, and making recommendations for fair resolutions.
Step-by-step explanation:
The role of the Ombudsman for Banking and Investments (OBSI) is to resolve complaints and disputes between banks/investments institutions and their customers. It provides an independent and impartial avenue for customers to seek redress when they are dissatisfied with the response from their bank/investment institution. OBSI investigates complaints, facilitates negotiations, and makes recommendations for fair resolutions. For example: If a customer feels misled by their bank's investment advice and has suffered financial loss as a result, they can file a complaint with OBSI. OBSI will then review the complaint, investigate the case, and recommend a fair resolution, such as compensating the customer for their losses.