Financial Consumer Protection Framework Regulations

Marginal note:Conditions for maintaining approval

16 For the purposes of paragraph 627.49(m) of the Act, the following are prescribed conditions for the body corporate:

• (a) it is to accept as a member any institution that makes a request to it for membership;

• (b) it is to transfer a complaint received by it, along with all related information that is in its possession or control, to another external complaints body if an institution that is a party to the complaint becomes a member of that other body before a final recommendation is made in respect of the complaint;

• (c) it is to advise, in writing, the parties to a complaint that is transferred to it by another external complaints body that an institution that is a party to the complaint has become a member of the body corporate and that the complaint has been transferred;

• (d) it is to inform the parties to a complaint about its terms of reference and procedures for dealing with complaints and, on request, to provide the parties with any further information and assistance that is necessary to enable them to understand the requirements of those terms of reference and procedures;

• (e) it is to deal with complaints in a manner that affects only the parties to the complaints; and

• (f) it is to consult, at least once a year, its members and any persons who have made complaints to it since the previous consultation with respect to the discharge of its functions and the performance of its activities as an external complaints body.