37. (1) There shall stand established on the establishment day a body, which shall be known as Comhairle an Ombudsman Seirbhísí Airgeadais agus Pinsean or, in the English language, as the Financial Services and Pensions Ombudsman Council (in this Act referred to as the “Council”) to perform the functions conferred on it by this Act.

(2) The Council shall consist of not less than 5 and not more than 7 members (including the chairperson) as the Minster decides, of which there shall be the following:

(a) a chairperson who shall have knowledge and experience of consumer issues relating to the provision of either, or both, financial services and pension services;

(b) ordinary members, including:

(i) not less than 2 persons who have knowledge or experience of consumer protection and other consumer issues relating to the provision of financial services;

(ii) not less than one person who has knowledge or experience of the financial services industry; and

(iii) not less than one person who has knowledge or experience in relation to the pensions industry.

(3) Subject to subsection (4), the members of the Council shall be appointed by the Minister from among persons in respect of whom a recommendation for the purposes of this section has been made by the Public Appointments Service consequent upon the holding of a competition in accordance with the Act of 2004.

(4) One member of the Council shall be nominated for appointment under subsection (3) by the Minister for Social Protection from among the persons referred to in subsection (3).

(5) The Public Appointments Service shall, in relation to a competition referred to in subsection (3), not make a recommendation for the purposes of that subsection in respect of more than 3 persons in respect of each vacancy.

(6) The Minister shall appoint a chairperson from among the members of the Council.

(7) A member of the Council shall hold office for such period not exceeding 5 years from the date of his or her appointment as the Minister may determine.

(8) Subject to subsection (9), the Minister may reappoint a person whose term of office as a member of the Council expires by the efflux of time.

(9) The member of the Council referred to in subsection (4) may be reappointed only if renominated by the Minister for Social Protection.

(10) The Ombudsman shall, on the request of the chairperson of the Council, as far as it is practical to do so, arrange for the Council to be provided with such administrative services (including technical and legal advice) as the Council requires to perform its functions.

(11) Schedule 2 shall apply to the Council.