38. (1) The person who, immediately before the establishment day, was the chairperson of the Financial Services Ombudsman Council shall, on the establishment day, become and be the chairperson of the Council, and shall continue as such chairperson under this Part subject to the same terms and conditions as applied to his or her appointment immediately before such commencement.

(2) A person who immediately before the establishment day was a member of the Financial Services Ombudsman Council, shall, on the establishment day, become and be a member of the Council, and shall continue as such member under this Part subject to the same terms and conditions as applied to his or her appointment immediately before such commencement.