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Amendment of section 57CI of Principal Act
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7. (1) Section 57CI of the Principal Act (as inserted by section 16 of the Act of 2004) is amended by substituting the following for subsection (1):
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“(1) On completing an investigation of a complaint that has not been settled or withdrawn, the Financial Services Ombudsman shall make a finding in writing that the complaint—
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(a) is upheld,
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(b) is substantially upheld,
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(c) is partially upheld, or
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(d) is rejected.”.
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(2) Section 57CI of the Principal Act (as inserted by section 16 of the Act of 2004) is further amended by substituting the following for subsection (2):
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“(2) A complaint may be found to be upheld, substantially upheld or partially upheld only on one or more of the following grounds:
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(a) the conduct complained of was contrary to law;
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(b) the conduct complained of was unreasonable, unjust, oppressive or improperly discriminatory in its application to the complainant;
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(c) although the conduct complained of was in accordance with a law or an established practice or regulatory standard, the law, practice or standard is, or may be, unreasonable, unjust, oppressive or improperly discriminatory in its application to the complainant;
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(d) the conduct complained of was based wholly or partly on an improper motive, an irrelevant ground or an irrelevant consideration;
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(e) the conduct complained of was based wholly or partly on a mistake of law or fact;
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(f) an explanation for the conduct complained of was not given when it should have been given;
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(g) the conduct complained of was otherwise improper.”.
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(3) Section 57CI of the Principal Act (as inserted by section 16 of the Act of 2004) is further amended by substituting the following for subsection (4):
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“(4) If a complaint is found to be upheld, substantially upheld or partially upheld, the Financial Services Ombudsman may direct the financial service provider to do one or more of the following:
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(a) to review, rectify, mitigate or change the conduct complained of or its consequences;
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(b) to provide reasons or explanations for that conduct;
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(c) to change a practice relating to that conduct;
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(d) to pay an amount of compensation to the complainant for any loss, expense or inconvenience sustained by the complainant as a result of the conduct complained of;
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(e) to take any other lawful action.”.
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