The ombudsman, who is yet to be named, will investigate, facilitate, mediate, and propose or determine solutions to financial service disputes.
Financial service providers will be required to participate in dispute resolution procedures.
The ombudsman, with the consent of the consumer concerned, will be able to impose binding solutions upon financial service providers.
The act will come into effect by notice in the official gazette, on a day which is yet to be determined, by the minister responsible for financial services.
