In forceUpdated to 6 Oct 2023Read it in Bahasa Malaysia

Contents

Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part IV · Obligations and Sourcing of Funds

42E. 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 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].

Report

Part V

Dealings with Government Funds

Read on from Part V

Part VI

Control of Defaulter

Read on from Part VI

Part VII

Auditor and Accounts

Read on from Part VII

Part VIII

Examination and Investigation

Read on from Part VIII

Part IX

Miscellaneous

Read on from Part IX