Islamic Financial Services Act 2013 · s 138

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138.
Financial ombudsman scheme
(1) For the purposes of ensuring effective and fair handling of complaints and for the resolution of disputes in connection with financial services or products, regulations may be made under section 271 to require any class, category or description of financial service providers—
(a) to be a member of a financial ombudsman scheme approved under subsection (2); and

138
(b) at all times, to comply with terms of membership of such scheme.
(2) The Bank may approve any financial ombudsman scheme for the purposes of paragraph (1)(a).
(3) Regulations may be made under section 271 for the purposes of ensuring a financial ombudsman scheme is fair, accessible and effective, including regulations on the following:
(a) the matters that the Bank may have regard to in determining whether to approve a financial ombudsman scheme under subsection (2);
(b) the functions and duties of, or other requirements to be complied with by any person operating a financial ombudsman scheme;
(c) the terms of a financial ombudsman scheme setting out the scope including types of dispute that may be referred to it and its eligible complainants, membership requirements, application, operations, procedures, the fees that may be charged and the types of award which may be granted under the financial ombudsman scheme;
(d) appointment of directors of any person operating a financial ombudsman scheme;
(e) the documents or information that shall be submitted by any person operating a financial ombudsman scheme to the
Bank; and
(f) withdrawal or suspension of an approval under subsection (2).
(4) A financial service provider, who is a member of a financial ombudsman scheme approved under subsection (2), shall—
(a) provide documents or information as may be required for the purposes of the resolution of disputes referred to the financial ombudsman scheme; and

Islamic Financial Services                              139
(b) comply with any award granted under the financial ombudsman scheme, including a direction that requires the financial service provider to take such steps in relation to a dispute.
(5) Where a dispute has been referred to a financial ombudsman scheme by an eligible complainant, the eligible complainant is not entitled to lodge a claim on such dispute with the Tribunal for
Consumer Claims established under the Consumer Protection Act 1999 [Act 599].
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s 138Financial ombudsman scheme

(1)

For the purposes of ensuring effective and fair handling of complaints and for the resolution of disputes in connection with financial services or products, regulations may be made under section 271 to require any class, category or description of financial service providers—

(a)

to be a member of a financial ombudsman scheme approved under subsection (2); and

138

(b)

at all times, to comply with terms of membership of such scheme.

(2)

The Bank may approve any financial ombudsman scheme for the purposes of paragraph (1)(a).

(3)

Regulations may be made under section 271 for the purposes of ensuring a financial ombudsman scheme is fair, accessible and effective, including regulations on the following:

(a)

the matters that the Bank may have regard to in determining whether to approve a financial ombudsman scheme under subsection (2);

(b)

the functions and duties of, or other requirements to be complied with by any person operating a financial ombudsman scheme;

(c)

the terms of a financial ombudsman scheme setting out the scope including types of dispute that may be referred to it and its eligible complainants, membership requirements, application, operations, procedures, the fees that may be charged and the types of award which may be granted under the financial ombudsman scheme;

(d)

appointment of directors of any person operating a financial ombudsman scheme;

(e)

the documents or information that shall be submitted by any person operating a financial ombudsman scheme to the

Bank; and

(f)

withdrawal or suspension of an approval under subsection (2).

(4)

A financial service provider, who is a member of a financial ombudsman scheme approved under subsection (2), shall—

(a)

provide documents or information as may be required for the purposes of the resolution of disputes referred to the financial ombudsman scheme; and

Islamic Financial Services 139

(b)

comply with any award granted under the financial ombudsman scheme, including a direction that requires the financial service provider to take such steps in relation to a dispute.

(5)

Where a dispute has been referred to a financial ombudsman scheme by an eligible complainant, the eligible complainant is not entitled to lodge a claim on such dispute with the Tribunal for

Consumer Claims established under the Consumer Protection Act 1999 [Act 599].

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