Singapore legislation

Regulation 5

of Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023

Regulation 5

Cancellation or suspension of approval of scheme

Subregulation 1

The Authority may cancel the approval of an approved dispute resolution scheme if —

(a)

there exists a ground on which the Authority may refuse an application for a dispute resolution scheme under section 31(4) of the Act;

(b)

the operator has contravened these Regulations or any condition mentioned in section 31(3) of the Act to which the approval was subject;

(c)

it appears to the Authority that the operator is administering the approved dispute resolution scheme in a manner —

(i)

that is, or is likely to be, detrimental to the members of the approved dispute resolution scheme or consumers; or

(ii)

that is contrary to the public interest;

(d)

it appears to the Authority that the operator has not acted efficiently, honestly or fairly in the administration of the approved dispute resolution scheme;

(e)

the operator fails or ceases to administer the scheme; or

(f)

any information or document that is provided by the operator to the Authority is false or misleading.

Subregulation 2

The Authority may, if it considers it desirable to do so —

(a)

suspend the approval of an approved dispute resolution scheme for a specific period instead of cancelling it under paragraph (1); and

(b)

at any time extend or revoke the suspension.