Financial Service Providers (Registration and Dispute Resolution) Act 2008

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Version as at 1 October 2021

Coat of Arms of New Zealand

Financial Service Providers (Registration and Dispute Resolution) Act 2008

Public Act
2008 No 97
Date of assent
29 September 2008
see section 2

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


2APurposes of this Act
5Meaning of financial service
6Meaning of in the business of providing a financial service
7Persons who are not in business of providing financial service
7AApplication of Act
8Act binds the Crown
8ATransitional, savings, and related provisions
9Purpose of this Part
10Registration and deregistration
11Person in business of providing financial service must be registered and member of approved dispute resolution scheme
12No holding out that in business of providing financial service unless registered and member of approved dispute resolution scheme
12ARegistration for certain overlapping services not required
13Qualifications for registration as financial service provider
14Disqualified person
15Application to be registered as financial service provider
15APurpose of FMA’s powers relating to registration
15BFMA may prevent registration of financial service provider
15CFMA may prevent registration regardless of whether applicant is otherwise qualified to be registered
16Registration of financial service provider
17Duty to notify changes relating to financial service provider
18Deregistration of financial service provider
18APurpose of FMA’s powers relating to deregistration
18BConsideration of deregistration of financial service provider by FMA
18CFMA may direct deregistration regardless of whether section 18(1) applies
19Notice of intention to deregister
20Objection to proposed deregistration of financial service provider
21Notification of deregistration of financial service provider
22Reregistration of financial service provider
22ARegistrar must not reregister financial adviser if direction has been made
22BSuspension of registration
22CRegistration of financial advisers
22DFinancial adviser may be deregistered if not engaged by provider for extended period
23Information-sharing provisions between Registrar and Commission
23Responsible financial service provider [Repealed]
24Register of financial service providers
25Operation of and access to register
26Purposes of register
27Contents of register
28Annual confirmation
29Registrar must amend register in certain circumstances
30Registrar may refuse to accept document
31Searches of register
32Search purposes
33When search breaches information privacy principle
34Sharing information with other persons or bodies
35Appointment of Registrar
36Power of Registrar to delegate
37Registrar’s inspection powers
38Disclosure of information and reports
39Exercise of powers under section 37 not affected by appeal
40Offence also committed by director
41Offence to make false or misleading representation
42Appeals from Registrar’s decisions and FMA directions
43Decisions or directions continue in effect until appeal
44Regulations under Part 1 and this Part
44AWho financial adviser is treated as engaged by when engaged indirectly
44BFMA acts as licensing authority in relation to operators of financial product markets
45Ministry must review and report on operation of this Part
46Territorial scope [Repealed]
47Purpose of this Part
48Financial service provider must be member of dispute resolution scheme
48AWhen financial adviser is exempt from being member
49Who are retail clients
49AWho are eligible investors
49BAcceptance of certification
49CRevocation of certification
49DHow to opt out of being wholesale client
49EGiving revocation of certification or notification of opt out
49FMembers of dispute resolution scheme must comply with rules and binding resolutions
49GOffence to fail to comply with District Court order
50Meaning of approved dispute resolution scheme
51Application for approval
52Mandatory considerations for approval
53Minister must decide application for approval
54Notification and publication of decision
55Reapplication by unsuccessful applicant
56Withdrawal of approval
57Notice of intention to withdraw approval
58Objection to intended withdrawal of approval
59Approval is withdrawn from date person responsible for scheme is notified
60Notification and publication of withdrawal of approval
61Effect of withdrawal of approval on members of dispute resolution scheme
62List of members
63Rules about approved dispute resolution scheme
64Obligation to publish rules
65Duty to notify change to rules
66Minister’s consideration of change of rules
67Duty to co-operate and communicate information in certain circumstances
67ADuty to communicate information about mobile traders
68Annual report
69Person responsible for approved dispute resolution scheme must supply further information on Minister’s request
70Annual report and information requested by Minister to be publicly available
71Reserve scheme [Repealed]
72Appointment of reserve scheme [Repealed]
72AReserve scheme: rules about fees and charges [Repealed]
73Revocation of appointment as reserve scheme [Repealed]
74Notice of intention to recommend revocation of appointment as reserve scheme under section 73(2)(a) or (b) [Repealed]
75Objection to intended recommendation for revocation [Repealed]
76Duty to co-operate and communicate information in certain circumstances [Repealed]
77Levy to fund reserve scheme [Repealed]
78Publication of details relating to approved dispute resolution schemes
78ALevy [Repealed]
79Regulations under this Part
79AAAppointment of interim dispute resolution scheme
79APecuniary order for contravening wholesale certification requirement
79BCompensation for contravention of wholesale certification requirement
80Ministry must review and report on operation of this Part
81Consequential amendment