5.1 Reporting of Patterns and Trends

5.1.1. The Ombudsman Unit shall have controls and detailed procedures in place to identify patterns and trends of issues, including conducting a detailed study, maintaining a record of key themes, and root causes of the Complaints. There shall be a strong governance and oversight mechanism within the Ombudsman Unit to ensure there is early identification and reporting of such patterns and trends.

5.1.2. If the Ombudsman Unit identifies a pattern or trend, it shall within a reasonable timeframe, no later than 1 month after the Ombudsman Unit first became aware, notify the Central Bank in Writing of the issue and supporting details.

5.2 Annual Budget

5.2.1. The Ombudsman Unit shall, not later than 3 months, before the beginning of each Financial Year, or within such extended period as set by the Board of the Ombudsman Unit:

1. arrange for the preparation of an annual budget setting out estimates of the income and expenditure of the Ombudsman Unit for the following Year; and
    
2. submit the annual budget to the Board of the Ombudsman Unit for approval.
    

5.2.2. The annual budget for the following year shall specify:

1. the forecasted revenue amounts expected to be collected during the Financial Year concerned from the imposition of the Annual Levy, Case Fee, Supplementary Levy and Appeals Fee, as applicable;
    
2. the proposed level of the Annual Levy, Case Fee, Supplementary Levy and Appeals Fee ;
    
3. any other sources of revenue from which funds are expected to be obtained during the Year to finance the functions of the Ombudsman Unit and the amounts expected to be raised from those sources and;
    
4. proposed breakdown of planned expenditures for.A the Year.
    

5.2.3. The Ombudsman Unit shall, not later than 3 months into the following Financial Year, publish the annual budget on its website.

5.2.4. The Ombudsman Unit shall incorporate any directions set out by the Central Bank that may be issued for the purpose ofensuring proper and sufficient level of funding for the operations of the Ombudsman Unit

5.3 Strategic plan

5.3.1. The Chief Ombudsman shall prepare and submit a strategic plan for a period of three years, or such period as required by the Central Bank, to the Board of the Ombudsman Unit. The strategic plan and updates shall be approved by the Board of the Ombudsman Unit and submitted to the Central Bank, on an annual basis or as requested by the Central Bank.

5.3.2. The strategic plan shall specify the following:

1. objectives of the Ombudsman Unit;
    
2. nature and scope of the activities to be undertaken by the Ombudsman;
    
3. strategic plans and policies for achieving the objectives of the Ombudsman
    
4. targets and criteria for assessing the performance of the Ombudsman;
    
5. allocation of the resources of the Ombudsman Unit;
    
6. estimated budget for the three-year period considering the above factors.
    

5.4 Annual Financial Reporting

5.4.1. The Ombudsman Unit shall, in respect of each Financial Year, keep in such form as may be approved by the Board of the Central Bank, all proper accounts and receipts of all moneys received or expended in performing the Unit’s functions in accordance with this Regulation.

5.4.2. The Chief Ombudsman shall submit the accounts required to be kept under this Article to the external auditor that shall be appointed by the Board of the Ombudsman Unit. The Board of the Central Bank shall, at its discretion, provide direction to the external auditor regarding its mandate for review of the Ombudsman Unit. Such direction would include a mandate beyond the minimum standard required by the International Financial Reporting Standards for audit of accounts by an external auditor.

5.4.3. Immediately following an external audit, the Board of the Ombudsman Unit shall approve and present to the Central Bank:

1. copies of the audited accounts, including the income and expenditure account, the balance sheet and such other accounts (if any) kept under this Article as the Central Bank may direct, and
    
2. the external auditor’s report on the audited accounts ;
    
3. the Ombudsman Unit’s management’s response and action plan for any recommendations or observations made in the external auditor’s report.
    

5.5 Annual report of the Ombudsman Unit

5.5.1. The Chief Ombudsman shall, not later than 3 months from the end of the Financial Year prepare and submit to the Board of the Ombudsman Unit, an annual report on the activities and performance of the functions of the Ombudsman Unit during that Year.

5.5.2. The annual report shall be first approved by the Board of Directors of the Ombudsman Unit and then presented to the Board of Directors of the Central Bank for approval.

5.5.3. The annual report shall cover the following:

1. Information in such form and regarding such matters as the Central Bank may direct;
    
2. Copy of the audited accounts of the Ombudsman Unit for the Financial Year concerned;
    
3. Summary of complaint handling data by the Ombudsman Unit in the Year concerned, including the type of Licensed Financial Institutions and Insurance Companies with Complaints, the type of products, volume and nature of Complaints, turnaround and resolution time, etc. and;
    
4. Summary of patterns, trends and issues submitted to the Central Bank for review and consideration.
    
5. Summary of service complaints against the Ombudsman Unit.
    

5.5.4. Nothing in this Article shall be construed as requiring the Chief Ombudsman to disclose Information, which, in the opinion of the Chief Ombudsman, would potentially prejudice the performance of the Ombudsman Unit functions or violate any privacy or confidentiality requirements.

5.5.5. The Chief Ombudsman shall arrange for the annual report, that has been approved by the Central Bank, to be published on the website of the Ombudsman Unit, within a reasonable timeframe.

5.6 Other Reporting Requirements

5.6.1. Not later than 3 months after the end of each Financial Year, the Chief Ombudsman shall publish the following on the website of the Ombudsman Unit:

1. data of all Complaints made to the Ombudsman Unit during the Financial Year (e.g. received, pending, withdrawn and closed by the Year end) ;
    
2. a review of trends and patterns in the Complaints received by the Ombudsman Unit;
    
3. a breakdown as to the method of disposition of all Complaints made to the Ombudsman Unit during the preceding Financial Year ;
    
4. a summary of the key outcomes of Complaints concluded or terminated, including analysis of Complaints that were settled during the preceding Financial Year; and
    
5. statistics on the cases that have been filed for an appeal.
    

5.6.2. The detailed reporting template of the above may be specified by the Central Bank.

5.6.3. The Chief Ombudsman may publish statistics of Complaints against all Licensed Financial Institutions or Insurance Companies, without disclosing any names or other details about the Licensed Financial Institutions or Insurance Companies, subject to Central Bank’s approval.

5.6.4. In circumstances where the Chief Ombudsman is of the opinion that there is need for public disclosure of the name of a Licensed Financial Institution or Insurance Company, the Ombudsman shall seek explicit approval from the Central Bank.

5.6.5. A report under this Article shall not divulge the identity of any Complainant nor shall anything be published in the report that may lead to the identification of any Complainant.

5.6.6. The Chief Ombudsman may, from time to time, prepare and submit to the Central Bank such other reports in relation to the performance of the functions under this Regulation as the Chief Ombudsman considers appropriate.

5.6.7. The Chief Ombudsman may, after consultation and approval from the Central Bank, publish reports on other matters related to Complaints resolution if the Chief Ombudsman considers that it would be in the public interest to do so.

5.7 Quality Assurance Review

5.7.1. The Ombudsman Unit shall:

1. Submit every three Years to an independent quality assurance review regarding the proper discharge of its functions and the performance of its activities. The review shall be conducted by a Third Party appointed by the Central Bank;
    
2. Conduct a stakeholder survey once a Year covering all Licensed Financial Institutions and Insurance Companies, and with recent Complainants since the previous consultation, with respect to the discharge of its functions and performance of its activities.
    

5.7.2. The Board of the Ombudsman Unit shall provide the Central Bank with an action plan for any recommendations or observations made in the quality assurance reviewer’s report and / or concluded from the analysis of the stakeholder survey.

5.8 Accountability to Central Bank

5.8.1. The Chairperson of the Board of the Ombudsman Unit shall, whenever required to do so by the Central Bank, provide confirmation in Writing, in relation to:

1. the regularity and propriety of the transactions recorded or required to be recorded under this Regulation, subject to financial audit by the External Auditor;
    
2. the economy and efficiency of the Ombudsman Unit in the use of resources;
    
3. the account of the general administration of the Ombudsman Unit;
    
4. the systems, procedures and practices employed by the Ombudsman Unit for the purposes of evaluating the effectiveness of its operations; and
    
5. any matter affecting the Ombudsman Unit referred to in the report of the External Auditor that is submitted to the Central Bank.
    

5.8.2. The Chairperson of the Board of the Ombudsman Unit shall, at the request of the Governor of the Central Bank, along with designated Central Bank officials, give account for the general administration and functions of the Ombudsman Unit.

5.8.3. The Chief Ombudsman and the Chairperson of the Board of the Ombudsman Unit shall report material issues or developments related to the Ombudsman Unit, to the Board of the Central Bank that may be required by the Decretal Law, Central Bank Regulations and Central Bank’s internal controls framework.

5.8.4. If the Chief Ombudsman and the Chairperson of the Board of the Ombudsman Unit consider that they have information, which in their opinion, would or might be of assistance to the Central Bank in advancing one or more of the Central Bank's operational objectives, they shall disclose that information to the Central Bank.