Section 42E
Financial Ombudsman Scheme
of Development Financial Institutions Act 2002
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 123—
(a)
to require any class, category or description of prescribed institutions to be a member of the Financial Ombudsman
Scheme and to comply at all times with the terms of membership of such scheme; and
(b)
on the terms of the Financial Ombudsman Scheme setting out the scope including types of dispute that may be referred to it and its eligible complainants, the fees that may be charged and the types of award which may be granted under the Financial Ombudsman Scheme.
(2)
A prescribed institution who is a member of the Financial
Ombudsman Scheme 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
(b)
comply with any award granted under the Financial
Ombudsman Scheme, including a direction that requires the prescribed institution to take such steps in relation to a dispute.
(3)
Where a dispute has been referred to the 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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