Nailed it. 

In 2011 TD decided it "will no longer be part of the Ombudsman for Banking Services & Investments (OBSI), dealing a considerable setback to the efforts that began in 1996 to operate a single independent dispute resolution service for the sector" (Globe & Mail: http://www.theglobeandmail.com/globe-investor/td-quits-external-banking-ombudsman/article548967/).

That Masrani will not disclose which firm is "advising" on the review is worrying. It can't be EY as they are the auditors, so my money is on Deloitte (a firm not unaccustomed to scandal) given their past cosy relationship with TD Compliance. There is a marked difference between "independent review" & "third-party review".   

I take Masrani's platitudes with a grain of salt. He has changed TD since he took over & shuffled the Executive.Cost cutting & the alienation of strategic partners are common. It wouldn't surprise me if his "tone from the top" has been interpreted by some as pressure to cut corners.