14. The principal Act is amended by inserting, immediately after section 28, the following section:
—(1) The Authority may approve any dispute resolution scheme for the resolution of disputes arising from or relating to the provision of financial services by financial institutions.
(2) The Authority may by regulations require a financial institution registered, licensed, approved or regulated by the Authority under any written law 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.
(3) Any financial institution which, without reasonable excuse, contravenes any regulations made under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(4) Where the Authority is satisfied that a financial institution has contravened any regulations made under subsection (2), the Authority may do one or both of the following:
if it thinks it necessary in the public interest or for the protection of consumers, reprimand the financial institution;
impose on the financial institution under the written law under which the financial institution was registered, licensed or approved, such conditions or restrictions of registration, licence or approval as the Authority thinks fit, including restricting the scope of the activities which the financial institution is allowed to conduct under the written law; and the financial institution shall comply with such conditions or restrictions.
(5) Any power of the Authority under the written law referred to in subsection (4)(b) to impose conditions or restrictions of registration, licence or approval shall, notwithstanding anything to the contrary in that written law, be deemed to include the power to impose the conditions or restrictions referred to in subsection (4)(b).
(6) The Authority may make regulations —
to provide for the matters that the Authority may have regard to in determining whether to approve a dispute resolution scheme under subsection (1);
to prescribe a list of dispute resolution schemes approved under subsection (1);
to provide for suspension or cancellation of approvals under subsection (1);
to provide for matters relating to the operations of an operator of an approved dispute resolution scheme, including the standards or requirements of its operations, the fees that may be charged for its dispute resolution services, the records that must be kept, the period of retention of the records, the reports that are to be submitted to the Authority, the time for such submission, the terms of membership with the scheme, the procedure for dispute resolution and other matters relating to the administration of the scheme; and
generally to give effect to or for carrying out the purposes of this section.
(7) Regulations made under this section may provide that any contravention thereof shall be an offence punishable with a fine not exceeding $50,000.
(8) The Authority may issue, and in its discretion publish by notification in the Gazette or in such other manner as it considers appropriate, such guidelines as it considers appropriate for providing guidance in relation to the operation of this section or any regulations made under this section.”.