Cap. 555 ст. 19Functions and powers of Arbiter for Financial Services.

(1) It shall be the primary function of the Arbiter to deal with complaints filed by eligible customers through the means of mediation in accordance with article 24, and where necessary, by investigation and adjudication.

(2) In addition to the functions under sub-article (1), it shall be the function of the Arbiter:

(a) to establish rules and guidelines in relation to the implementation of the regulations made in terms of article 33;

(b) to carry out such other functions as may be assigned to him under this Act or any other law.

(3) In carrying out his functions under sub-article (1), the Arbiter shall:

(a) act independently and impartially, and shall not be subject to the direction or control of any other person or authority;

(b) determine and adjudge a complaint by reference to what, in his opinion, is fair, equitable and reasonable in the particular circumstances and substantive merits of the case;

(c) consider and have due regard, in such manner and to such an extent as he deems appropriate, to applicable and relevant laws, rules and regulations, in particular those governing the conduct of a service provider, including guidelines issued by national and European Union supervisory authorities, good industry practice and reasonable and legitimate expectations of consumers and this with reference to the time when it is alleged that the facts giving rise to the complaints occurred;

(d) deal with a complaint in a procedurally fair, informal, economical and expeditious manner;

(e) deal with any question of prescription in terms of law: Provided that the financial services provider may only raise the plea of prescription in the first written submissions provided for by article 22(3)(c) unless otherwise authorised by the Arbiter giving reasons for that authorisation: Provided further that the Arbiter shall not be entitled to raise the question of prescription of his own motion: Provided further that nothing in this Act shall be interpreted as entitling the Arbiter to give a decision on any claim which is barred by prescription when the investigated party shall have raised the defense of prescription.

(4) (a) Subject to the limitations imposed by this Act or any other law, the Arbiter shall have all powers that are necessary to enable him to perform his functions properly including the power to summon witnesses, to administer oaths and to issue such interlocutory orders, including but not limited to orders restricting the transfer of property and assets of a financial services provider as he may deem necessary for the proper performance of the functions of his office. An Arbiter shall abstain and may be challenged in the same circumstances as a Judge of the Superior Courts:

Provided that in issuing interlocutory orders under this paragraph, the Arbiter shall act in mutatis mutandis accordance with the principles regulating the issuing of precautionary warrants under the Code of Organization and Civil Procedure.

(b) (i) An Arbiter may appoint one or more suitable officers to perform specific functions assigned to him under sub-article (1).

(ii) A person shall be suitable to be appointed as an officer under sub-paragraph (i) if he is knowledgeable and well versed in those areas for which he shall be appointed.

(c) An Arbiter may, subject to availability of resources, appoint and employ such number of office staff members which are necessary for the proper functioning of the Office.

(d) An Arbiter may, whenever the occasion requires and subject to availability of resources, engage such consultants or advisers to assist him in the fulfilment of his functions: Provided that such consultants or advisors shall themselves be independent and impartial of the parties to the complaint or complaints in respect of which they shall have been engaged.

(5) Any person appointed under sub-article (4) shall:

(a) carry out his duties free from any interference from any person except for any direction given by the Arbiter;

(b) act expeditiously;

(c) not divulge any information acquired by him in the course of his duties;

(d) periodically report to the Arbiter the progress made with regard to the complaints assigned to him and on any other matter which falls within his competence.

(6) (a) The appointment, engagement and employment of persons mentioned under sub-article 4(b) to (d) shall be made by the Arbiter, and the terms and conditions shall be established by the Board in consultation with the Minister.

(b) In establishing the terms and conditions, the Board shall have regard to the Government’s policy with respect to the remuneration of public sector employees and any direction that the Minister may give from time to time for the purpose of giving effect to that policy.