§ 31 — Approval of dispute resolution schemes

31.—(1) For the purposes of this Part, the Authority may approve any dispute resolution scheme for the resolution of disputes arising from or relating to the provision of financial services by financial institutions.(2) An application for approval of a dispute resolution scheme must —(a)

be made by the person who intends to administer the dispute resolution scheme as its operator;

(b)

be made in such form and manner as the Authority may specify;

(c)

be accompanied by an application fee (if prescribed);

(d)

be accompanied by the proposed terms of reference for the dispute resolution scheme; and

(e)

provide any information or document as the Authority may require for the purposes of the application.

(3) The approval of a dispute resolution scheme on an application made under subsection (2) is subject to such conditions as may be prescribed or as may be specified by the Authority, or both.

(4) The Authority may refuse to approve an application for a dispute resolution scheme made under subsection (2) if —(a)

the applicant of the dispute resolution scheme does not meet the prescribed requirements;

(b)

the proposed terms of reference for the dispute resolution scheme do not meet the prescribed requirements;

(c)

the applicant has not provided the Authority with the information or documents required by the Authority for the purposes of the application;

(d)

the applicant has provided to the Authority any false or misleading information or document;

(e)

the Authority has reason to believe that the applicant —(i)

will not administer the dispute resolution scheme efficiently, honestly or fairly; or

(ii)

may not act in the interests of the members of the dispute resolution scheme or consumers; or

(f)

the Authority is of the opinion that it would be contrary to the public interest to approve the dispute resolution scheme.

—(1) For the purposes of this Part, the Authority may approve any dispute resolution scheme for the resolution of disputes arising from or relating to the provision of financial services by financial institutions.

(2) An application for approval of a dispute resolution scheme must —(a)

be made by the person who intends to administer the dispute resolution scheme as its operator;

(b)

be made in such form and manner as the Authority may specify;

(c)

be accompanied by an application fee (if prescribed);

(d)

be accompanied by the proposed terms of reference for the dispute resolution scheme; and

(e)

provide any information or document as the Authority may require for the purposes of the application.

(3) The approval of a dispute resolution scheme on an application made under subsection (2) is subject to such conditions as may be prescribed or as may be specified by the Authority, or both.

(4) The Authority may refuse to approve an application for a dispute resolution scheme made under subsection (2) if —(a)

the applicant of the dispute resolution scheme does not meet the prescribed requirements;

(b)

the proposed terms of reference for the dispute resolution scheme do not meet the prescribed requirements;

(c)

the applicant has not provided the Authority with the information or documents required by the Authority for the purposes of the application;

(d)

the applicant has provided to the Authority any false or misleading information or document;

(e)

the Authority has reason to believe that the applicant —(i)

will not administer the dispute resolution scheme efficiently, honestly or fairly; or

(ii)

may not act in the interests of the members of the dispute resolution scheme or consumers; or

(f)

the Authority is of the opinion that it would be contrary to the public interest to approve the dispute resolution scheme.