Singapore legislation
Regulation 3
of Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023
Regulation 3
Application for approval of dispute resolution scheme
Subregulation 1
For the purpose of section 31(4)(a) of the Act, the prescribed requirements are that the applicant —
must be a company; and
must not be a financial institution or an association of financial institutions.
Subregulation 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:
the types of disputes that may be referred by a complainant to the operator of the dispute resolution scheme;
the procedure for referring a dispute to the operator of the dispute resolution scheme;
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;
the procedure for the receipt, processing and resolution of a dispute;
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;
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;
the circumstances in which a dispute would be adjudicated under the dispute resolution scheme;
the types of awards that may be made by an adjudicator under the dispute resolution scheme;
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.