Financial Service Providers (Registration and Dispute Resolution) Act 2008

Changes relating to financial service provider

17 Duty to notify changes relating to financial service provider

(1)

Each of the following persons must notify the Registrar about the following relevant changes relating to a financial service provider:

(a)

a financial service provider, if—

(i)

the provider knows that the provider is no longer qualified for registration in accordance with section 13; or

(ii)

the provider is in a business of providing a financial service for which the provider is not registered; or

(iii)

the provider knows that any details on the register are no longer accurate, including information relating to the provider’s membership of an approved dispute resolution scheme:

(b)

the licensing authority, if the licensing authority knows that a financial service provider has ceased to be licensed:

(c)

the person responsible for an approved dispute resolution scheme of which a financial service provider was a member, if the person knows that the provider is no longer a member of that scheme, in which case the person responsible must also notify the Registrar of the following matters:

(i)

whether that provider’s membership was terminated under section 63(1)(ba); and

(ii)

whether any remedial action imposed on that provider by the scheme has not been carried out; and

(iii)

whether there is any unresolved complaint about that provider.

(1A)

To avoid doubt, the notification obligations in subsection (1)(c) apply in relation to an approved dispute resolution scheme or a reserve scheme that has been discontinued (whether as a result of approval being withdrawn or for any other reason).

(2)

The time within which a person must notify the Registrar under subsection (1) is 10 working days from the date the person comes to know about the change or, in the case of an approved dispute resolution scheme or a reserve scheme that has been discontinued, within 10 working days of that discontinuance.

(3)

A financial service provider who breaches subsection (1)(a) commits an offence and is liable on conviction to a fine not exceeding $10,000.

(4)

A person who breaches subsection (1)(c) commits an offence and is liable on conviction to a fine not exceeding $10,000.

Section 17(1)(a): replaced, on 1 July 2010, by section 16 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 17(1)(a)(iii): replaced, on 1 July 2014, by section 17(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 17(1)(b): replaced, on 1 July 2010, by section 16 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 17(1)(c): replaced, on 1 July 2014, by section 17(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 17(1A): inserted, on 1 July 2014, by section 17(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 17(2): amended, on 1 July 2014, by section 17(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 17(3): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).

Section 17(4): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).