In forceAs enacted

Contents

3. Application for approval of dispute resolution scheme

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(1)

For the purpose of section 31(4)(a) of the Act, the prescribed requirements are that the applicant —

(a)

must be a company; and

(b)

must not be a financial institution or an association of financial institutions.

(2)

For the purpose of section 31(4)(b) of the Act, the prescribed requirements are that the proposed terms of reference must include all of the following:

(a)

the types of disputes that may be referred by a complainant to the operator of the dispute resolution scheme;

(b)

the procedure for referring a dispute to the operator of the dispute resolution scheme;

(c)

the time period within which a dispute must be referred to the operator, which must be no later than 6 months after attempts by the complainant and the relevant member of the dispute resolution scheme to resolve the dispute have failed;

(d)

the procedure for the receipt, processing and resolution of a dispute;

(e)

the fees payable by the complainant and the relevant member of the dispute resolution scheme in respect of each dispute of theirs referred to the operator;

(f)

the circumstances in which a dispute would be dismissed by the operator without referring the complainant and the relevant member of the scheme for mediation under the dispute resolution scheme;

(g)

the circumstances in which a dispute would be adjudicated under the dispute resolution scheme;

(h)

the types of awards that may be made by an adjudicator under the dispute resolution scheme;

(i)

the procedure for the notification of the outcome of the adjudication of a dispute to the complainant and the relevant member of the dispute resolution scheme.

Subregulation 1