Financial Service Providers (Registration and Dispute Resolution) Act 2008

4 Interpretation

In this Act, unless the context otherwise requires,—

annual confirmation means the annual confirmation relating to a registered provider supplied to the Registrar under section 28

annual report means the annual report relating to an approved dispute resolution scheme supplied to the Minister under section 68

approved dispute resolution scheme has the meaning given by section 50

broker has the meaning given by section 77A of the Financial Advisers Act 2008

broking service has the meaning given by section 77B of the Financial Advisers Act 2008

business includes any profession, trade, or undertaking, whether or not carried on with the intention of making a pecuniary profit

chief executive means the chief executive of the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act

company means a company, or an overseas company, within the meaning of section 2(1) of the Companies Act 1993

contract of insurance

(a)

means every contract of insurance including a contract of life insurance (including endowment and annuity contracts) and reinsurance; but

(b)

does not include a class of contract declared not to be a contract of insurance by regulations

controlling owner means, in relation to a financial service provider that is not an individual, any person who beneficially owns 50% or more of that provider

conveyancing practitioner has the meaning given by section 6 of the Lawyers and Conveyancers Act 2006

credit contract

(a)

has the meaning given by section 7 of the Credit Contracts and Consumer Finance Act 2003; but

(b)

does not include—

(i)

contracts specified in section 15(1)(a) or (b) of that Act:

(ii)
[Repealed]

(iii)

contracts under which no interest charges, and no credit fees, as defined in section 5 of that Act are payable

creditor has the same meaning as in section 5 of the Credit Contracts and Consumer Finance Act 2003

director has the meaning given by section 6(1) of the Financial Markets Conduct Act 2013

document means—

(a)

any material, whether or not it is signed or otherwise authenticated, that bears symbols (including words and figures), images, or sounds, or from which symbols, images, or sounds can be derived, and includes—

(i)

a label, marking, or other writing that identifies or describes a thing of which it forms a part, or to which it is attached:

(ii)

a book, map, plan, graph, or drawing:

(iii)

a photograph, film, or negative; and

(b)

information electronically recorded or stored, and information derived from that information

due date, in relation to an annual confirmation, means the date allocated to a registered financial service provider by the Registrar under section 16(1)(b)

family trust has the same meaning as in section 5 of the Credit Contracts and Consumer Finance Act 2003

FATF means the Financial Action Task Force on Money Laundering established in Paris in 1989

FATF Recommendations means all of the following recommendations:

(a)

the 40 Recommendations adopted by FATF at its plenary meeting on 20 June 2003:

(b)

the Special Recommendations on Terrorist Financing adopted by FATF at its extraordinary plenary meeting on 31 October 2001:

(c)

Special Recommendation IX on Terrorist Financing adopted by FATF at its plenary meeting between 20 and 22 October 2004

financial adviser service has the meaning given by section 9 of the Financial Advisers Act 2008

financial service has the meaning given by section 5

financial service provider means a person who provides or offers to provide a financial service

FMA means the Financial Markets Authority established under Part 2 of the Financial Markets Authority Act 2011

in the business of providing a financial service has the meaning given by section 6

incorporated law firm has the meaning given by section 6 of the Lawyers and Conveyancers Act 2006

insurer means a person by whom or on whose behalf the risk or part of the risk to which any contract of insurance relates is accepted

lawyer has the meaning given by section 6 of the Lawyers and Conveyancers Act 2006

levy means a levy prescribed by regulations made under section 68 of the Financial Markets Authority Act 2011

licensed means licensed, registered, authorised, or otherwise approved by a licensing authority

licensed provider means a person, identified in Schedule 2, who—

(a)

provides or offers to provide a licensed service; and

(b)

is licensed, registered, authorised, or otherwise approved by a licensing authority

licensed service means a financial service in respect of which a licensing enactment requires a person to be licensed (or to be exempt from that requirement) to—

(a)

provide the service; or

(b)

hold out that the person provides the service

licensing authority means a body, identified in Schedule 2, that licenses, registers, authorises, or otherwise approves a person to be a licensed provider

licensing enactment means an enactment identified in Schedule 2

member, in relation to a dispute resolution scheme, has the meaning given by section 48(2)

member of a local authority has the meaning given by section 5(1) of the Local Government Act 2002

Minister means—

(a)

the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act and for Parts 1 and 2; and

(b)

the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for Part 3

Ministry means the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act

person includes a corporation sole, a body corporate, and an unincorporated body

prescribed means prescribed by this Act or by any regulations made under this Act

qualified statutory accountant has the same meaning as in section 5(1) of the Financial Reporting Act 2013

real estate agent means a person who is a licensee under the Real Estate Agents Act 2008

register means the register of financial service providers established and maintained under section 24

Registrar means the Registrar of Financial Service Providers appointed under section 35

related company has the meaning given by section 2(3) of the Companies Act 1993

retail client has the meaning set out in section 49

senior manager means, in relation to a financial service provider, a person who is not a director but occupies a position that allows the person to exercise significant influence over the management or administration of that provider (for example, a chief executive or a chief financial officer)

tax agent has the meaning given by section 3(1) of the Tax Administration Act 1994

wholesale client has the meaning set out in section 49.

Section 4 affiliated entity: repealed, on 1 July 2014, by section 6(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 broker: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 broking service: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 chartered accountant: repealed, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 4 contract of insurance: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 conveyancing practitioner: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 credit contract paragraph (b)(ii): repealed, on 1 July 2014, by section 6(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 credit contract paragraph (b)(iii): amended, on 1 July 2014, by section 6(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 creditor: inserted, on 1 July 2014, by section 6(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 director: replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 4 financial adviser service: amended, on 1 July 2010, by section 7(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 FMA: inserted, on 1 July 2014, by section 6(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 incorporated law firm: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 insurance business: repealed, on 1 July 2010, by section 7(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 insurer: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 levy: inserted, on 1 July 2014, by section 6(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 licensed: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 licensed service: replaced, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 licensing enactment: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 person: amended, on 1 July 2010, by section 7(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 qualified statutory accountant: inserted, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 4 reserve scheme: repealed, on 1 July 2014, by section 6(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 responsible financial service provider: repealed, on 1 July 2014, by section 6(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 retail client: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 wholesale client: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).