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Amendment of section 57BS of Principal Act
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4. Section 57BS of the Principal Act (as amended) is amended by the substitution of the following for subsections (5) to (9):
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“(5) A regulated financial service provider falls within this subsection if, in the preceding financial year, at least 3 complaints relating to the regulated financial service provider which have been made to the Financial Services Ombudsman have been found by that Ombudsman to be upheld, substantially upheld or partially upheld.
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(6) The information referred to in subsection (4) is—
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(a) the name of the regulated financial service provider, including any trading name (if different),
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(b) where applicable, the identity of any group of which the regulated financial service provider is a member, and
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(c) the number of complaints found to be upheld, substantially upheld or partially upheld in respect of the regulated financial service provider in the preceding financial year.
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(7) For the purposes of the law of defamation the publication of the information referred to in subsection (4) in a report under subsection (1) shall be absolutely privileged.
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(8) A report under subsection (1) shall not divulge the identity of any complainant nor shall anything be published in the report which may lead to the identification of any complainant unless the complainant consents in writing.
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(9) For the purposes of this section if the regulated financial service provider has appealed against the Financial Services Ombudsman’s finding that a complaint has been found to be upheld, substantially upheld or partially upheld the complaint is to be taken to have been so found only when—
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(a) the finding is affirmed (with or without modification) on appeal, or
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(b) the appeal is withdrawn, struck out by the High Court or abandoned.”.
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