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Requirement for internal dispute resolution procedures
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55. (1) The Minister may by regulation require financial service providers and pension providers to establish procedures for dealing with complaints.
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(2) Regulations under this section may—
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(a) require procedures referred to in subsection (1) to comprise specified steps, including, as the Minister considers appropriate—
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(i) the making of an application for a determination to be made in relation to the complaint,
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(ii) the conducting of a hearing in relation to the matter concerned, and
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(iii) the making of a determination in relation to the matter,
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(b) require one or more of the internal dispute resolution steps to be taken or completed within a specified period,
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(c) require the provision of information in relation to the existence of those procedures and how they may be availed of,
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(d) prescribe such other requirements as the Minister considers necessary or expedient for the purpose of enabling complaints referred to in this subsection to be dealt with or resolved,
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(e) require financial service providers and pension providers to publish their internal dispute resolution procedures, and
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(f) as respects schemes, specify different requirements by reference to the class of scheme concerned (being a class defined in the regulations by reference to the number of members of the scheme or such other matters as the Minister considers appropriate).
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