It is vital to the success of the scheme that the OBS is and is perceived to be independent of the banking industry over which it has jurisdiction. The structure of the scheme ensures that the OBS alone decides whether a bank has acted unfairly or unreasonably when investigating a complaint. There must be no undue influence in this process by banks, consumers, or any other party.

The Banking Council appointed Mr Charl Cilliers the Banking Ombudsman. This led to criticism that he was not impartial or independent. In order to remedy the situation, an independent Board was established to appoint the Adjudicator. The Adjudicator reported to the Board, not to the banking industry as regards complaints. Currently the Board also appoints the Ombudsman.

The Board is composed mainly of non-bankers and one of its tasks is to ensure and protect the Ombudsman's independence.