New Zealand Legislation: Bills
Bills are proposed Acts
(1) This Act requires financial service providers to be registered. There are different requirements for registration depending on whether a provider provides—
(a) a financial adviser service (a term defined in the Financial Advisers Act 2007); or
(b) a financial service.
(2) In order to be registered, financial service providers are required to be members of an approved dispute resolution scheme if they provide financial services to certain people. However, this requirement only applies if the reserve scheme has been appointed.
(3) The Act sets out how a dispute resolution scheme may be approved by the Minister, why the approval might be withdrawn, and how an approved dispute resolution scheme may be appointed as the reserve scheme.
(4) The Act provides that the reserve scheme is to act as the default dispute resolution scheme and is to be capable of resolving disputes relating to all types of financial service providers.
(5) This section is intended as a guide only.