This note is not part of the rules, but is intended to indicate their general effect.
These rules, which come into force on 5 November 2010, set out the membership fees and complaints charges that apply to the reserve dispute resolution scheme appointed under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
The annual membership fee for membership of the reserve scheme varies with the size and type of business of the member, and is collected in two 6-monthly instalments. There are 5 classes of member (in essence: QFEs that are not lenders or insurers; financial adviser businesses that are not QFEs; insurers; banks and other lenders; and other financial service providers).
The charges imposed for dealing with complaints vary according to the level (facilitation/negotiation, mediation/conciliation, or adjudication) to which the complaint is taken before it is resolved, withdrawn, or otherwise ceases, and whether the complaint has been through the member's own complaint procedures.
Date of notification in Gazette: 4 November 2010.
These rules are administered by the Ministry of Economic Development.