(1) The purpose of this section is to enable the Financial Services Ombudsman to have sufficient funds to enable that Ombudsman to perform the functions imposed, and to exercise the powers conferred, on that Ombudsman by this or any other Act.
(2) Council Regulations may prescribe levies or fees to be paid by specified classes of financial service providers.
(3) Without limiting subsection (2), Council Regulations may provide for any of the following matters:
(a) the persons, or classes of persons, who are required to pay specified kinds of levies or fees;
(b) the amounts of those levies or fees;
(c) the periods in respect of which, or the dates by which, specified levies or fees are to be paid to the Financial Services Ombudsman;
(d) penalties that are payable by a person who fails to pay a levy on time or pay a required fee;
(e) the keeping of records, and the making of returns to the Financial Services Ombudsman, by persons who are liable to pay a specified levy or a specified