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 —
there exists a ground on which the Authority may refuse an application for a dispute resolution scheme under section 31(4) of the Act;
the operator has contravened these Regulations or any condition mentioned in section 31(3) of the Act to which the approval was subject;
it appears to the Authority that the operator is administering the approved dispute resolution scheme in a manner —
that is, or is likely to be, detrimental to the members of the approved dispute resolution scheme or consumers; or
that is contrary to the public interest;
it appears to the Authority that the operator has not acted efficiently, honestly or fairly in the administration of the approved dispute resolution scheme;
the operator fails or ceases to administer the scheme; or
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 —
suspend the approval of an approved dispute resolution scheme for a specific period instead of cancelling it under paragraph (1); and
at any time extend or revoke the suspension.