40. (1) The functions of the Council shall be—

(a) to determine and prescribe by regulation, in accordance with section 43, the financial services industry levy,

(b) to keep under review the efficiency and effectiveness of the Ombudsman and to advise the Minister, either at the Minister’s request or on its own initiative, on any matter relevant to the performance of the functions of the Ombudsman,

(c) to advise the Ombudsman on any matter on which the Ombudsman seeks advice (including advice in relation to the development and publication of guidelines and procedures in relation to the complaints process and investigations under this Act), and

(d) to carry out such other functions as are conferred on it by this Act.

(2) The Council shall have all such powers as are necessary or expedient for the performance of its functions.

(3) The Council shall have no role in the manner in which the Ombudsman deals with a particular complaint.