(1) There shall stand established on the establishment day a body, which shall be known as Comhairle an Ombudsman Seirbhísí Airgeadais agus Pinsean or, in the English language, as the Financial Services and Pensions Ombudsman Council (in this Act referred to as the "Council") to perform the functions conferred on it by this Act.
(2) The Council shall consist of not less than 5 and not more than 7 members (including the chairperson) as the Minster decides, of which there shall be the following:
(a) a chairperson who shall have knowledge and experience of consumer issues relating to the provision of either, or both, financial services and pension services;
(b) ordinary members, including:
(i) not less than 2 persons who have knowledge or experience of consumer protection and other consumer issues relating to the provision of financial services;
(ii) not less than one person who has knowledge or experience of the financial services industry; and
(iii) not less than one person who has kn
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