New Zealand Legislation: Supplementary Order Papers

Explanatory note

This Supplementary Order Paper amends the Financial Service Providers (Registration and Dispute Resolution) Bill.

Apart from making minor drafting amendments to the Bill, the key changes are—

• some clarification around the definition of insurance:

• amending clause 5A to ensure that those who have not actually provided a financial service but are offering to provide one are included:

• amending clause 6 to exclude from the Bill financial services provided by the trustee of a family trust to beneficiaries of that trust:

• changing clause 20B to remove a requirement that the responsible financial entity be responsible for its affiliated entities, with the intention being to tailor this requirement into conditions as appropriate in the factual circumstances:

• changing clause 20B to provide that a decision to recommend that an entity be a responsible financial entity be consistent with the purposes of the Bill, which is a clearer test than a consideration of the public interest:

• amending clause 44 and adding a new clause 44A to indicate when a financial service is provided otherwise than to the public for the purposes of clause 44:

• requiring the series of complaints referred to in clauses 61A and 69A of the Bill to be material ones:

• amending the consultees in clause 66 to more appropriately reflect the nature of the decisions concerned:

• clarifying Schedule 2 and the definitions of licensing authority, licensed provider, and licensed service.