Cap. 555 Art. 26Adjudication.

(1) Following completion of an investigation of a complaint under article 25, the Arbiter shall proceed with adjudication.

(2) The Arbiter shall proceed to adjudication within ninety days from the date of receipt of the complaint: Provided that where a complaint is complex in nature, the Arbiter shall deliver his findings at the earliest opportunity being a date not later than one year from the date of receipt of the complaint and shall inform the parties concerned of the expected adjudication date: Provided further that no nullity shall ensue from failure to meet the time limits provided for in this sub-article.

(3) (a) The findings and conclusions reached by the Arbiter shall be drawn up, in writing, in a decision giving the Arbiter’s reasons therefor that shall be read out in public on a day duly notified to the parties.

(b) The decision may include any direction given under paragraph (c).

(c) If the complaint is found to be wholly or in part substantiated, the Arbiter may direct the financial services provider to do one or more of the following:

(i) to review, rectify, mitigate or change the conduct complained of or its consequences;

(ii) to provide reasons or explanations for that conduct;

(iii) to change a practice relating to that conduct;

(iv) to pay an amount of compensation for any loss of capital or income or damages suffered by the complainant as a result of the conduct complained of, without or with interest, at such reasonable rate and within the parameters established by law as the Arbiter may determine, on the whole or any part of the money, and for the whole or any part of the period between the date on which the conduct complained of had started until the date of payment;

(v) to specify the period within which the direction is to be carried out by the financial service provider.

(d) In his decision the Arbiter shall also adjudicate the costs of the proceedings, by whom they shall be borne and, if necessary, in what proportion, according to the circumstances of the case.

(e) In the event that a financial services provider becomes insolvent within the meaning attributed to that term by any laws or regulations providing for an investor compensation scheme, a depositor compensation scheme or a protection and compensation fund or any other compensation scheme or fund applicable in respect of the financial services provider sector to which that financial services provider belongs, and as a consequence of the said insolvency the financial services provider is not in a position to pay the compensation that has been awarded by or following a decision of the Arbiter, the complainant is notwithstanding any other law, to be paid up to twenty thousand euro from the said fund or scheme applicable in the financial services provider sector to which the financial services provider belongs.

(4) Within fifteen days from the date when the decision of the Arbiter is notified to the parties, either party, with notice to the other party, may request that the Arbiter give a clarification of the award, or request the Arbiter to correct any errors in computation or clerical or typographical errors or similar error contained in the decision of the Arbiter. The Arbiter shall give such clarification or make any necessary correction within fifteen days from the receipt of a party’s request.