In forceUpdated to 30 Jun 2025

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Financial Services and Markets Act 2022 · Updated to 30 Jun 2025 · Part 6 · Dispute Resolution Schemes

36. Requirement for financial institution to be member of approved dispute resolution scheme

(1)

The Authority may, by regulations made under section 192, require a financial institution to be a member of such approved dispute resolution scheme and to comply with such terms of membership of the scheme as may be prescribed.

(2)

A financial institution that, without reasonable excuse, contravenes any regulations mentioned in subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.

(3)

Where the Authority is satisfied that a financial institution has contravened any regulations mentioned in subsection (1), the Authority may do one or both of the following:

(a)

if the Authority thinks it necessary in the public interest or for the protection of consumers, reprimand the financial institution;

(b)

impose on the financial institution under this Act or any other MAS scheduled Act under which the financial institution is licensed, approved, authorised, designated, recognised, registered, or otherwise regulated, or exempted from being licensed, approved, authorised, designated, recognised, registered or regulated, such conditions or restrictions, on its licence, approval, authorisation, designation, recognition, registration, or exemption under that Act as the Authority thinks fit, including restricting the scope of the activities which the financial institution is allowed to conduct under that Act; and the financial institution must comply with those conditions or restrictions.

(4)

Any power of the Authority under the Act referred to in subsection (3)(b) to impose conditions or restrictions on the licence, approval, authorisation, designation, recognition, registration, or exemption is, despite anything to the contrary in that Act, deemed to include the power to impose the conditions or restrictions referred to in subsection (3)(b).

Report

Read on from s 37

Part 7