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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2018 - onwards
  Version 3 of 3    

57BC. Establishment of Financial Services Ombudsman Council.

Repealed from 1 January 2018

(1) There is established by this section a Council called the 'Financial Services Ombudsman Council'.

(2) The Council is to consist of such number of persons, not fewer than 5 nor more than 10, as the Minister decides.

(3) The Minister shall appoint the members of the Council, but only after consulting the Minister for Enterprise, Trade and Employment. At least one of the members (other than the Chairperson) must be a person who has knowledge or experience of consumer protection and other consumer issues relating to the provision of financial services and at least one of the other members must be a person who has knowledge or experience of the financial services industry.

(4) The Minister shall appoint a Chairperson from among the members of the Council who have knowledge or experience of consumer issues relating to the provision of financial services.

(5) A member of the Council holds office for such period, not exceeding 5 years, as is specified in the member's document of appoi

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