3.1 Appointment of the Board of the Ombudsman Unit and the Chief Ombudsman

3.1.1. The Board of the Ombudsman Unit must be comprised of seven (7) members including a Chairperson:

1. The Chairperson of the Board of the Ombudsman Unit who shall have knowledge and experience of the financial services industry and Consumer Protection issues, to lead the Board of the Ombudsman Unit;
    
2. Board Members of the including:
    
   1. at least 3 Persons who have knowledge or experience of Customer relations management, Consumer protection, Complaints resolution and other Consumer issues relating to the Licensed Financial Institutions;
       
   2. at least 3 Persons who have knowledge or experience of Customer relations management, Consumer protection, Complaints resolution and other Consumer issues relating to the Insurance operations;
       

3.1.2. A member of the Board of the Ombudsman Unit shall hold office for such period as determined by the Board of Directors of the Central Bank but cannot exceed a 3 Year term from the date of the appointment.

3.1.3. The Chairperson of the Board of the Ombudsman Unit, the Chief Ombudsman and members of the Board of the Ombudsman Unit shall be appointed by a resolution of the Board of Directors of the Central Bank, upon a recommendation by the Governor of the Central Bank, and renewable for a similar period(s), for a maximum of two terms, by the same appointment mechanism. The Board of the Ombudsman Unit may be reconstituted before or after expiry of its term by a resolution of the Board of Directors of the Central Bank.

3.1.4. In the event that the position of any member of the Board of the Ombudsman Unit or the office of the Chief Ombudsman becomes vacant for any reason before the expiry of the membership term, a successor shall be appointed, within a period not exceeding 3 months, in the same manner in which the previous member was appointed.

3.1.5. The Chairperson of the Board of the Ombudsman Unit, the Ombudsman and members of the Board of the Ombudsman Unit shall be independent of Licensed Financial Institutions and Insurance Companies, for at least two years prior to the date of appointment and during the full term of the appointment. In terms of previous and existing employment, directorship and shall be void of any other apparent conflicts of interest.

3.1.6. The Chief Ombudsman shall, at the request of the Chairperson of the Ombudsman Unit, designate a member of the Staff of the Ombudsman Unit to be Secretary to the Board of the Ombudsman Unit.

3.1.7. Every decision at a meeting of the Board of the Ombudsman Unit shall be determined by a majority of the votes of the members of the Board of the Ombudsman Unit in attendance (in person and/or online) when voting on any matter tabled for the Board to decide. Records of all meetings along with decisions shall be maintained for a period of at least 5 years from the date of each Board meeting of the Ombudsman Unit.

3.1.8. Quorum to hold a Board meeting of the Ombudsman Unit and vote on matters requires majority members including the Chairperson of the Board of the Ombudsman Unit to be in attendance.

3.1.9. Subject to this Article, the Board of the Ombudsman Unit shall develop rules for its internal procedures. The Central Bank may provide direction or recommendation for any necessary changes to these rules.

3.2 Responsibilities of the Chairperson of the Board of the Ombudsman Unit

3.2.1. The Chairperson of the Board of the Ombudsman Unit shall be accountable for and charged with the responsibility for:

1. managing the business of the Board of the Ombudsman Unit and that of any relevant Board subcommittees;
    
2. setting agendas and meeting times for the Board of the Ombudsman Unit;
    
3. ensuring follow-up to decisions of the Board of the Ombudsman Unit and any recommendations from independent reviews and /or audit findings;
    
4. official liaisons between the Board of the Ombudsman Unit, Board of Directors of the Central Bank and the Governor of the Central Bank;
    
5. advising the Governor of the Central Bank with a list of qualified candidates for re-appointment or replacement when a member of the Board of the Ombudsman Unit’s appointment is expiring or a vacancy has occurred;
    
6. liaison between the Board of the Ombudsman Unit and the Chief Ombudsman.
    

3.3 Functions of the Board of the Ombudsman Unit

3.3.1. The Board of the Ombudsman Unit have the ultimate responsibility for the functioning of the Ombudsman Unit. The Board of the Ombudsman Unit shall be delegated by the Board of the Central Bank to have all such powers / authorities as are necessary for the performance of its functions.

3.3.2. The Board of the Ombudsman Unit shall delegate to the Chief Ombudsman the duties and responsibilities for day-to-day operations of the Ombudsman Unit.

3.3.3. The functions of the Board of the Ombudsman Unit shall be to:

1. determine and prescribe the methodology for setting the Annual Levy, Case Fee, Supplementary Levy and any other fee or charge deemed necessary for the efficient functioning of the Unit;
    
2. monitor the standards of performance and review the efficiency and effectiveness of the Ombudsman Unit;
    
3. provide oversight of the functioning of the Ombudsman Unit to ensure that the Ombudsman Unit is operating in accordance with its regulatory mandate;
    
4. make recommendations to the Central Bank on any matter relevant to the mandate, operations and performance of the Ombudsman Unit;
    
5. subject to the provisions under Article 3.3.5, make recommendations to the Chief Ombudsman, the Chairperson of the Appeals Committee or Insurance Dispute Resolution Committee on any matter relevant to the Ombudsman Unit, for which recommendation is requested from the Board of the Ombudsman Unit;
    
6. approve the strategies and objectives proposed for the Chief Ombudsman and management team of the Ombudsman Unit;
    
7. set out and approve appropriate governing rules and policies related to the administration and operations for the Ombudsman Unit including budgeting and revenue allocation, expenditure / contract management, human resources, performance standards, management reporting to the Board of the Ombudsman Unit and any other policies as deemed necessary for effective oversight, and;
    
8. carry out such other functions as are conferred on it by this Regulation.
    

3.3.4. The Board of the Ombudsman Unit must approve the Terms of Reference, which shall be prepared by the Ombudsman Unit to provide clarity on its governance, funding and operations. The Board of the Ombudsman Unit shall also approve the policies and procedures that govern the Complaint resolution process.

3.3.5. The Board of the Ombudsman Unit shall establish appropriate human resources policy to ensure that the Staff of the Ombudsman Unit are fit and proper and have appropriate level of qualifications and experience.

3.3.6. The Board of the Ombudsman Unit shall have no direct or indirect capacity to influence or affect the review process or the outcome of individual Complaints.

3.4 Powers and Duties of the Chief Ombudsman

3.4.1. The Chief Ombudsman may, or on the request of the Board of the Ombudsman Unit shall:

1. make recommendations to the Central Bank, in relation to any proposals for regulatory change, or any other policy matters in relation to Complaints, concerning Complaint resolution and the functions of the Ombudsman Unit, and;
    
2. submit any proposals they consider appropriate for amendment of this Regulation, or for new Central Bank Regulations concerning Licensed Financial Institutions and Insurance Companies in relation to the functions of the Ombudsman Unit.
    

3.4.2. All such recommendations and proposals, under Article

3.4.1, may be approved and submitted to the Central Bank for consideration by the Board of the Ombudsman Unit.

3.4.3. Subject to this Regulation, the Chief Ombudsman shall be independent in the performance of the assigned functions.

1. The Chief Ombudsman shall have such powers as are necessary for the performance of the functions as conferred on the Chief Ombudsman by this Regulation including:

1. acceptance of Complaints ;
    
2. rejection of Complaints that are deemed frivolous or vexatious or unfounded and / or without merit;
    
3. determining the need for a review of a Complaint and with the view of resolving them ;
    
4. assignment of qualified Staff of the Ombudsman Unit to carry out the review and resolution of Complaints;
    
5. determining the validity of the complaint and applying appropriate redress;
    
6. raising concerns with the Central Bank, about the Complaints management process of Licensed Financial Institutions and Insurance Companies, for review and further action if required ;
    
7. hiring and terminating Staff of the Ombudsman Unit in accordance with Board of the Ombudsman Unit’s policies;
    
8. management and evaluation of performance by the Staff of the Ombudsman Unit, consultants, contractors and agents ;
    
9. approving expenditures of the Ombudsman Unit in accordance with approved budgets, financial delegations and policies; and
    
10. other powers as may be assigned by the Board of the Ombudsman Unit.
     

3.4.4. The Chief Ombudsman may:

1. delegate responsibilities to any member of the Staff of the Ombudsman Unit that are conferred on the Chief Ombudsman by this Regulation or by the Board of the Ombudsman Unit.
    
2. authorize and direct any member of the Staff of the Ombudsman Unit to perform any of the functions including giving of directions under Article 4 to Article 5 conferred on the Chief Ombudsman by this Regulation.
    

3.4.5. The Chief Ombudsman shall establish and maintain efficient and effective systems and procedures that are carried out in a fair and timely manner for the acceptance, handling, review and resolution of Complaints.

3.4.6. The Chief Ombudsman duties include ensuring that the Staff of the Ombudsman Unit, contractors, agents and consultants act in compliance with the Ombudsman Unit’s policies and procedures, Terms of Reference, code of conduct, conflict of interest and all applicable Central Bank Regulations and the Decretal Law.

3.4.7. As may be delegated by the Board of the Ombudsman Unit, the Chief Ombudsman may appoint individuals as Staff of the Ombudsman Unit and may determine their duties. The Chief Ombudsman shall have regard to the human resources policy, resource allocation and any directions that the Board of the Ombudsman Unit may give from time to time for the purpose of giving effect to those policies.

3.5 Staff of the Ombudsman Unit

3.5.1. Persons engaged by the Ombudsman Unit may be appointed:

1. as Staff of the Ombudsman Unit on a permanent basis;
    
2. as Staff of the Ombudsman Unit on a temporary or part-time basis;
    
3. on a contract for services including as consultants or advisors.
    

3.5.2. The members of Staff of the Ombudsman Unit shall perform their functions under the direction and control of the Chief Ombudsman or an authorized staff supervisor, as designated by the Chief Ombudsman.

3.5.3. A member of the Staff of the Ombudsman Unit is free to perform their functions, without inappropriate interference from any Person. The member shall:

1. comply with the directions given by the authorized staff supervisor designated by the Chief Ombudsman, and
    
2. ensure the authorized staff supervisor/ Chief Ombudsman remain informed about the performance of functions and activities by the Staff of the Ombudsman Unit as well as the status of assigned work including time delays or any material issues or developments.
    

3.6 Appointment of the Appeals Committee

3.6.1. There shall be a Committee known as the Appeals Committee for the settlement and resolution of Complaints against Licensed Financial Institutions. The Appeals Committee shall act as the final level of Complaints resolution within the Ombudsman Unit for Licensed Financial Institutions.

3.6.2. The Appeals Committee may accept the appeal where there is reason to believe that the Ombudsman Unit :

1. may have overlooked material Information ;
    
2. may have failed to assess material issues previously raised by the appellant;
    
3. may have incorrectly or unfairly applied its operational policies and procedures; or
    
4. new material Information is available that was not previously considered by the Ombudsman Unit.
    

3.6.3. The Appeals Committee shall consist of a Chairperson of the Appeals Committee and two or more qualified members from the Staff of the Ombudsman Unit who will be independent of the case management and appointed by the Board of the Ombudsman Unit.

3.6.4. The Appeals Committee shall proceed in an expedited but fair manner based on values of natural justice, neutrality and objectivity regarding the Complaints being appealed.

3.6.5. The Appeals Committee is not bound by the rules of evidence expected in a normal Court of law or arbitration process.

3.6.6. The Appeals Committee shall take into consideration the Central Bank's Laws and Regulations, resolutions and instructions related to matters that may be a factor in the Complaint.

3.6.7. In fulfilling its duties, the Appeals Committee shall be entitled to obtain and review papers, documents, records and all pertinent evidence and take all actions as it deems appropriate.

3.6.8. The Appeals Committee shall hold its hearings in the presence of the Chairperson of the Appeals Committee and majority of members to consider the Complaints referred to it. The Appeals Committee may hear the statements and arguments of the parties and issue its decisions by majority. The Appeals Committee shall reject an appeal referred to it if the requirements for lodging a Complaint are not met under Article 4.

3.6.9. The Appeals Committee shall be competent to settle and resolve Complaints of all admissible types and classes arising from the Complaints of the Consumers.

3.6.10. The Chief Ombudsman shall, at the request of the Chairperson of the Appeals Committee, designate a member of the Staff of the Ombudsman Unit to be the Secretary to the Appeals Committee.

3.6.11. The Committee Secretary shall assume the following duties and powers :

1. Maintain records management of Committee documents and files;
    
2. Prepare the meeting agendas and required files and documentation for the Committee ;
    
3. Contact the parties, related to a Complaint as per the Committee's directives ;
    
4. Record the minutes of the Committee meetings and the outgoing correspondences and decisions ;
    
5. Implement the decision of the Committee by inviting the parties related to a Complaint and experts to appear before the Committee ;
    
6. Notify the parties, on the Determination of the Committee ;
    
7. Any other tasks assigned to them by the Committee.