Financial Service Providers (Appointment of Reserve Scheme) Order 2010

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

Reprint
as at 1 July 2014

Coat of Arms of New Zealand

Financial Service Providers (Appointment of Reserve Scheme) Order 2010

(SR 2010/251)

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 (Appointment of Reserve Scheme) Order 2010: revoked, on 1 July 2014, by section 48(a) 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.

This order is administered by the Ministry of Business, Innovation, and Employment.


Pursuant to section 72(1)(a) 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 after consultation with the Minister of Finance and the Minister of Commerce, and the requirements of section 72(3) of that Act having been satisfied, makes the following order.

Order

1 Title
  • This order is the Financial Service Providers (Appointment of Reserve Scheme) Order 2010.

2 Commencement
  • This order comes into force on 30 August 2010.

3 Interpretation
  • In this order, unless the context requires otherwise,—

    DRSL means Dispute Resolution Services Limited

    reserve scheme governance contract means a contract between DRSL and the Ministry of Consumer Affairs governing the delivery of the reserve scheme.

4 Appointment of reserve scheme
  • DRSL is appointed to fulfil the functions of the reserve scheme.

5 Term of appointment
  • The term of the appointment is the period beginning on 30 August 2010 and ending on the close of 30 November 2014.

6 Conditions of appointment
  • The appointment is subject to the following conditions:

    • (a) DRSL operates the reserve scheme in a manner consistent with the reserve scheme's purpose under rule 4 of the Financial Service Providers (Dispute Resolution—Reserve Scheme) Rules 2010:

    • (b) DRSL complies with rule 30 of the Financial Service Providers (Dispute Resolution—Reserve Scheme) Rules 2010 (which relates to confidentiality obligations of the reserve scheme):

    • (c) DRSL complies with the requirements of Part 6 of the Financial Service Providers (Dispute Resolution—Reserve Scheme) Rules 2010 (which relates to accessibility and accountability obligations of the reserve scheme):

    • (d) a reserve scheme governance contract is entered into and continues to be in full force and effect:

    • (e) no material breach or other event has occurred that entitles the Ministry, under the reserve scheme governance contract, to terminate that contract.

Rebecca Kitteridge,
Clerk of the Executive Council.


Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order, which comes into force on 30 August 2010, appoints Dispute Resolution Services Limited (DRSL) to fulfil the functions of the reserve scheme under section 72 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008. The term of the appointment is the period beginning on 30 August 2010 and ending on the close of 30 November 2014. The appointment is on conditions that relate to the governance of DRSL or to matters prescribed by the Financial Service Providers (Dispute Resolution—Reserve Scheme) Rules 2010 that relate to the principles of accessibility, independence, fairness, accountability, efficiency, and effectiveness.


Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 26 August 2010.


Reprints notes
1 General
  • This is a reprint of the Financial Service Providers (Appointment of Reserve Scheme) Order 2010 that incorporates all the amendments to that order as at the date of the last amendment to it.

2 Legal status
  • Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.

3 Editorial and format changes
4 Amendments incorporated in this reprint
  • Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34): section 48(a)