Central Bank Act, 1989.

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Investigation of complaints.

27.—(1) The Minister may, by regulations made after consultation with the Bank, require the holder of a licence to establish or join in establishing a scheme or schemes for the investigation of complaints against that holder or an associated company in relation to a prescribed matter of complaint.

(2) Without prejudice to the generality of subsection (1), regulations under this section may make provision in relation to any one or more of the following—

(a) the establishment and administration of a scheme,

(b) the manner of appointment of an independent adjudicator to conduct investigations,

(c) the matters to be subject to investigation under the scheme,

(d) the grounds on which a complaint must be based,

(e) the powers of, and procedure to be followed in the conduct of investigations by, the adjudicator,

(f) the circumstances in and the extent to which determinations are binding,

(g) the procedures for the making of complaints,

(h) the publication of the adjudicator's findings,

(i) the approval of the scheme by the Bank.

(3) Subject to subsection (4), the reference of a complaint under a scheme established under this section shall not affect the rights of any person to have a dispute determined in any other manner provided by law.

(4) Where on a complaint under a scheme established under this section the parties concerned agree that a determination in accordance with the scheme shall be binding on them and the scheme provides for such an agreement, then the determination shall be binding on the parties.

(5) In this section “associated company” means (where appropriate)—

(a) a holding company or a subsidiary company (within the meanings respectively given to them by section 155 of the Companies Act, 1963 ),

(b) a company which is a subsidiary of a body corporate, where the holder of the licence concerned is also a subsidiary of the body corporate, but neither is a subsidiary of the other.