Thank you again to those who provided a second round of feedback on the revised Constitution and Terms of Reference. The feedback was helpful and we made further changes based on it.
Where no comments were received on proposed changes, the Commission determined to proceed with the changes as drafted for the second consultation.
The Commission has now approved the changes. As required by section 65 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (the Act), we have notified the Minister of Commerce and Consumer Affairs of the amended Constitution and Terms of Reference, for his approval.
When we have a response from the Minister, we will be able to finalise the implementation date and provide more specific information about what Participants need to do next.
The final changes primarily reflect law changes; align the TOR with the other Approved Dispute Resolution Schemes’ (ADRS) rules, particularly the monetary limits; implement the recommendations made by the last independent public review of the IFSO Scheme; and/or recognise modernised processes and procedures, as follows:
Final proposed documents: