I would suggest revising this section as follows
57BD.—(1) The functions of the Council are—
(a) to prescribe and periodically update guidelines under which the Financial Services Ombudsman is to operate, subject to an annual review by the Council of the compliance of the Ombudsman with those guidelines, and
(b) to determine the levies and charges payable for the performance of services provided by the Financial Services Ombudsman, and
(c) to appoint the Financial Services Ombudsman and each Deputy Financial Services Ombudsman, and
(d) to keep under review the efficiency and effectiveness of the Bureau and to advise the Minister, either at the Minister’s request or on its own initiative, on any matter relevant to the operation of the Bureau, and
(e) to advise the Ombudsman on any matter on which the Ombudsman seeks advice, or on any policy matter relative to the operation of the Bureau on which the Council, on its own initiative, considers that it is in the interests of the efficiency and effectiveness to so advise the Ombudsman, and
(f) to issue policy directives to the Ombudsman on any matter that is covered by the Council’s guidelines under which the Financial Services Ombudsman, as promulgated under sub-section (a) above, including policy directives concerning the interpretation by the Ombudsman of general principles relating to applicable legislation, regulation and administrative protocols and directives, where appropriate, that the Ombudsman apply to the High Court for guidance on any such matter, and
( g) to carry out such other activities as are prescribed by this Part.