Financial Services Legislation Amendment Bill

  • enacted
87 Section 67 replaced (Duty to co-operate and communicate information in certain circumstances)

Replace section 67 with:

67 Duty to co-operate and communicate information in certain circumstances

(1)

The person responsible for an approved dispute resolution scheme (A) must—

(a)

co-operate with other approved dispute resolution schemes if a complaint involves members of those other schemes (for example, by disclosing personal information in accordance with the Privacy Act 1993 and protecting information that is subject to an obligation of confidence); and

(b)

co-operate with the Registrar, including by communicating information to the Registrar in accordance with sections 17 and 34; and

(c)

if A has reasonable grounds to believe that a member that is a registered bank, a licensed insurer, or a licensed NBDT has contravened or is likely to contravene any of the following Acts in a material respect, communicate that fact to the Reserve Bank:

(i)

the Reserve Bank of New Zealand Act 1989:

(ii)

the Insurance (Prudential Supervision) Act 2010:

(iii)

the Non-bank Deposit Takers Act 2013; and

(d)

if A has reasonable grounds to believe that a member that is a financial markets participant has contravened or is likely to contravene any financial markets legislation in a material respect, communicate that fact to the FMA; and

(e)

if A has reasonable grounds to believe that a member that is a creditor under a consumer credit contract has contravened or is likely to contravene the Credit Contracts and Consumer Finance Act 2003 in a material respect, communicate that fact to the Commerce Commission; and

(f)

otherwise provide information to a prescribed person in the prescribed manner if required to do so by regulations made under this Act.

(3)

In this section,—

consumer credit contract

(a)

has the same meaning as in section 11 of the Credit Contracts and Consumer Finance Act 2003; and

(b)

includes a credit contract to which Part 3A of that Act applies

financial markets legislation has the same meaning as in section 4 of the Financial Markets Authority Act 2011

financial markets participant has the same meaning as in section 4 of the Financial Markets Authority Act 2011.