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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2018 - onwards
  Version 2 of 2    

57BD. Functions and powers of Financial Services Ombudsman Council.

Repealed from 1 January 2018

(1) The functions of the Council are -

(a) to prescribe guidelines under which the Financial Services Ombudsman is to operate, and

(b) to determine the levies and charges payable for the performance of services provided by the Financial Services Ombudsman, and

(c) to appoint the Financial Services Ombudsman and all Deputy Financial Services Ombudsmen, and

(d) to keep under review the efficiency and effectiveness of the Bureau and to advise the Minister, either at the Minister's request or on its own initiative, on any matter relevant to the operation of the Bureau, and

(e) to advise the Ombudsman on any matter on which the Ombudsman seeks advice, and

(f) to carry out such other activities as are prescribed by this Part.

(2) The Council has no role with respect to how the Financial Services Ombudsman deals with a particular complaint.

(3) The Council has such powers as are necessary to enable it to perform its functions.

Comparing proposed amendment...