Financial Service Providers (Dispute Resolution—Reserve Scheme) Rules 2010

  • revoked
  • Financial Service Providers (Dispute Resolution—Reserve Scheme) Rules 2010: revoked, on 1 July 2014, by section 48(c) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Reprint as at 1 July 2014

Financial Service Providers (Dispute Resolution—Reserve Scheme) Rules 2010

(SR 2010/250)

Anand Satyanand, Governor-General

Order in Council

At Wellington this 23rd day of August 2010

Present:
His Excellency the Governor-General in Council

  • Financial Service Providers (Dispute Resolution—Reserve Scheme) Rules 2010: revoked, on 1 July 2014, by section 48(c) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).


Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

These rules are administered by the Ministry of Consumer Affairs.


Pursuant to section 72(1)(b) and (2) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and on the recommendation of the Minister of Consumer Affairs made after consultation with the Minister of Finance, the Minister of Commerce, and persons (or their representatives) that the Minister of Consumer Affairs considered were likely to be substantially affected by the recommendation, makes the following rules.

Contents

1 Title

2 Commencement

3 Interpretation

Part 1
Core features of reserve scheme

4 Purpose of reserve scheme

5 Functions of reserve scheme

Part 2
Jurisdiction of reserve scheme

6 What sort of complaints are covered

7 Who may complain

8 Complaint must be made to member first (and referred to reserve scheme within time limit)

9 Compensation claimed must not be more than $200,000

10 Complaint must not relate to member's general policies and practices or commercial judgements or investment performance

11 What other complaints are not covered by reserve scheme

12 Additional discretions relating to jurisdiction of reserve scheme

13 Process for determining complaint not covered by reserve scheme

Part 3
Complaints resolution process

Making complaints to reserve scheme

14 How to complain

15 What reserve scheme must do on receipt of complaint

General approach and methods for resolving complaints

16 General approach to resolving complaints

17 How complaints may be resolved

Provisions on information supplied in, and conduct of, complaints resolution process

18 Reserve scheme may receive information and make inquiries

19 Reserve scheme must operate on without prejudice basis

20 Obligation of parties to supply information requested to resolve complaints

21 Reserve scheme must keep parties informed

22 Representation of parties

Final decisions on complaints

23 When reserve scheme may proceed to make final decision on complaint

24 Process for making and accepting final decisions

25 Basis for final decisions under reserve scheme

26 What kinds of remedies are possible under final decision

27 No appeal against final decision of reserve scheme

End of complaints resolution process

28 What constitutes binding resolution of complaint

29 When complaint process ceases if no binding resolution

Other matters relating to consideration of complaint

30 Confidentiality obligations for reserve scheme

31 When parties may bring alternative court action

Part 4
Structure and miscellaneous powers of reserve scheme

32 Power to delegate other functions or powers

33 Powers of delegate

34 Appointing scheme adjudicator

35 Functions of scheme adjudicator

36 Appointing persons to provide mediation services

37 Independence of scheme personnel

38 Particular requirements for independence of scheme adjudicator

39 Reserve scheme may extend complaint time frames

40 Reserve scheme responsible for actions of personnel

Part 5
Membership of reserve scheme

41 Who is eligible to be member of reserve scheme

42 Applications for membership

43 Automatic conferral of membership

44 Duties on members to have own complaints resolution procedures

45 How to terminate membership voluntarily

46 How membership may be terminated compulsorily

Part 6
Reporting by, and accountability of, reserve scheme

Accessibility requirements

47 How reserve scheme must ensure its accessibility

48 Reserve scheme may disseminate information

Monitoring and reporting by reserve scheme

49 What monitoring reserve scheme must carry out

50 What reserve scheme must do about systemic issues

51 What reserve scheme must do about serious misconduct

Monitoring of reserve scheme

52 Notification of advisory body

53 What must happen to complaints about reserve scheme

54 Annual report by reserve scheme

55 Independent review of reserve scheme

Gazette information

Reprint notes