Malaysia legislation
Section 42A
Section 42A
For the purposes of this Part and the Second Schedule—
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“eligible complainant” means any person who is eligible to refer a dispute to the Financial Ombudsman Scheme in accordance with the terms of the Financial Ombudsman Scheme;
“financial consumer” means any person who uses, has used or may be intending to use, any financial service or product—
(a)
for personal, domestic or household purposes;
(b)
in connection with a small business as may be specified by the Bank under section 42C; or
(c)
whether or not for the purposes set out in paragraph (a)
or (b), if—
(i)
the value of the financial services or products does not exceed an amount as may be specified by the
Bank under section 42C; or
(ii)
such person is of a class, category or description of persons as may be specified by the Bank under section 42C;
“financial services or products” means financial services or financial products developed, offered or marketed, by a prescribed institution or for and on behalf of another person by a prescribed institution;
“Financial Ombudsman Scheme” means a financial ombudsman scheme approved under subsection 126(2) of the Financial Services
Act 2013 [Act 758] or subsection 138(2) of the Islamic Financial
Services Act 2013.
Application