Financial Service Providers (Registration and Dispute Resolution) Act 2008

Subpart 1—No holding out or being in business of providing financial service unless registered and member of approved dispute resolution scheme

Subpart 1: brought into force (in respect of financial services other than financial adviser services), on 1 December 2010, by clause 3 of the Financial Service Providers (Registration and Dispute Resolution) Act Commencement Order 2010 (SR 2010/231).

Subpart 1: brought into force (in respect of financial adviser services), on 1 April 2011, by clause 4 of the Financial Service Providers (Registration and Dispute Resolution) Act Commencement Order 2010 (SR 2010/231).

Subpart 1 heading: amended, on 1 July 2014, by section 9 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

11 No being in business of providing financial service unless registered and member of approved dispute resolution scheme

(1)

A person to whom this Act applies must not be in the business of providing a financial service unless that person—

(a)

is registered for that service under this Part; and

(b)

is, if required by section 48, a member of an approved dispute resolution scheme.

(2)

Every person who knowingly breaches subsection (1) commits an offence and is liable on conviction,—

(a)

in the case of an individual, to imprisonment for a term not exceeding 12 months or to a fine not exceeding $100,000, or to both; or

(b)

in the case of a person who is not an individual, to a fine not exceeding $300,000.

Section 11: brought into force (in respect of financial services other than financial adviser services), on 1 December 2010, by clause 3 of the Financial Service Providers (Registration and Dispute Resolution) Act Commencement Order 2010 (SR 2010/231).

Section 11: brought into force (in respect of financial adviser services), on 1 April 2011, by clause 4 of the Financial Service Providers (Registration and Dispute Resolution) Act Commencement Order 2010 (SR 2010/231).

Section 11 heading: amended, on 1 July 2014, by section 10(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 11(1): replaced, on 1 July 2014, by section 10(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 11(2): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).