Financial Service Providers (Registration and Dispute Resolution) Act 2008

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Version as at 1 September 2022

Financial Service Providers (Registration and Dispute Resolution) Act 2008

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

Note

The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

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

1	Title
2	Commencement
	Part 1 Preliminary provisions
2A	Purposes of this Act
3	Overview
4	Interpretation
5	Meaning of financial service
6	Meaning of in the business of providing a financial service
7	Persons who are not in business of providing financial service
7A	Application of Act
8	Act binds the Crown
8A	Transitional, savings, and related provisions
	Part 2 Registration
9	Purpose of this Part
10	Registration and deregistration
	Subpart 1—Requirements for registration and being member of approved dispute resolution scheme and prohibition against holding out
11	Person in business of providing financial service must be registered and member of approved dispute resolution scheme
12	No holding out that in business of providing financial service unless registered and member of approved dispute resolution scheme
12A	Registration for certain overlapping services not required
	Subpart 2—Registration of financial service provider
13	Qualifications for registration as financial service provider
14	Disqualified person
	Application for registration as financial service provider
15	Application to be registered as financial service provider
15A	Purpose of FMA’s powers relating to registration
15B	FMA may prevent registration of financial service provider
15C	FMA may prevent registration regardless of whether applicant is otherwise qualified to be registered
16	Registration of financial service provider
	Changes relating to financial service provider
17	Duty to notify changes relating to financial service provider
	Deregistration of financial service provider
18	Deregistration of financial service provider
18A	Purpose of FMA’s powers relating to deregistration
18B	Consideration of deregistration of financial service provider by FMA
18C	FMA may direct deregistration regardless of whether section 18(1) applies
19	Notice of intention to deregister
20	Objection to proposed deregistration of financial service provider
21	Notification of deregistration of financial service provider
	Reregistration of financial service provider
22	Reregistration of financial service provider
22A	Registrar must not reregister financial adviser if direction has been made
	Suspension of registration
22B	Suspension of registration
	Registration of financial advisers
22C	Registration of financial advisers
22D	Financial adviser may be deregistered if not engaged by provider for extended period
	Information-sharing provisions
23	Information-sharing provisions between Registrar and Commission
	Responsible financial service provider [Repealed]
23	Responsible financial service provider [Repealed]
	Subpart 3—Register of financial service providers
	Register established
24	Register of financial service providers
25	Operation of and access to register
26	Purposes of register
27	Contents of register
28	Annual confirmation
29	Registrar must amend register in certain circumstances
30	Registrar may refuse to accept document
	Searches of register
31	Searches of register
32	Search purposes
33	When search breaches information privacy principle
	Information sharing
34	Sharing information with other persons or bodies
	Registrar of Financial Service Providers
35	Appointment of Registrar
36	Power of Registrar to delegate
	Subpart 4—Registrar’s inspection powers
37	Registrar’s inspection powers
38	Disclosure of information and reports
39	Exercise of powers under section 37 not affected by appeal
	Subpart 5—Miscellaneous
40	Offence also committed by director
41	Offence to make false or misleading representation
42	Appeals from Registrar’s decisions and FMA directions
43	Decisions or directions continue in effect until appeal
44	Regulations under Part 1 and this Part
44A	Who financial adviser is treated as engaged by when engaged indirectly
44AA	Validation of fees used to recover costs of other Companies Office registers, etc
44B	FMA acts as licensing authority in relation to operators of financial product markets
	Review and report on operation of this Part
45	Ministry must review and report on operation of this Part
46	Territorial scope [Repealed]
	Part 3 Dispute resolution
47	Purpose of this Part
	Subpart 1—Financial service provider must be member of dispute resolution scheme
48	Financial service provider must be member of dispute resolution scheme
48A	When financial adviser is exempt from being member
49	Who are retail clients
49A	Who are eligible investors
49B	Acceptance of certification
49C	Revocation of certification
49D	How to opt out of being wholesale client
49E	Giving revocation of certification or notification of opt out
49F	Members of dispute resolution scheme must comply with rules and binding resolutions
49G	Offence to fail to comply with District Court order
	Subpart 2—Approval of dispute resolution schemes
50	Meaning of approved dispute resolution scheme
	Approval of dispute resolution schemes
51	Application for approval
52	Mandatory considerations for approval
53	Minister must decide application for approval
54	Notification and publication of decision
55	Reapplication by unsuccessful applicant
	Withdrawal of approval
56	Withdrawal of approval
57	Notice of intention to withdraw approval
58	Objection to intended withdrawal of approval
59	Approval is withdrawn from date person responsible for scheme is notified
60	Notification and publication of withdrawal of approval
61	Effect of withdrawal of approval on members of dispute resolution scheme
	List of members of approved dispute resolution scheme
62	List of members
	Rules about approved dispute resolution scheme
63	Rules about approved dispute resolution scheme
64	Obligation to publish rules
65	Duty to notify change to rules
66	Minister’s consideration of change of rules
67	Duty to co-operate and communicate information in certain circumstances
67A	Duty to communicate information about mobile traders
	Annual reports and information requests by Minister
68	Annual report
69	Person responsible for approved dispute resolution scheme must supply further information on Minister’s request
70	Annual report and information requested by Minister to be publicly available
	Subpart 3—Reserve scheme [Repealed]
71	Reserve scheme [Repealed]
	Appointment of reserve scheme [Repealed]
72	Appointment of reserve scheme [Repealed]
72A	Reserve scheme: rules about fees and charges [Repealed]
73	Revocation of appointment as reserve scheme [Repealed]
74	Notice of intention to recommend revocation of appointment as reserve scheme under section 73(2)(a) or (b) [Repealed]
75	Objection to intended recommendation for revocation [Repealed]
76	Duty to co-operate and communicate information in certain circumstances [Repealed]
	Levy to fund reserve scheme [Repealed]
77	Levy to fund reserve scheme [Repealed]
	Subpart 4—Miscellaneous
	Publication of details relating to approved dispute resolution schemes
78	Publication of details relating to approved dispute resolution schemes
	Levy [Repealed]
78A	Levy [Repealed]
	Regulations under this Part
79	Regulations under this Part
79AA	Appointment of interim dispute resolution scheme
	Pecuniary and compensatory orders for contravening wholesale certification requirement
79A	Pecuniary order for contravening wholesale certification requirement
79B	Compensation for contravention of wholesale certification requirement
	Review and report on operation of this Part
80	Ministry must review and report on operation of this Part
	Consequential amendment
81	Consequential amendment
	Schedule 1AA Transitional, savings, and related provisions
	Schedule 1 Consequential amendment
	Schedule 2 Licensing authorities and licensed providers
	Notes

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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Financial Service Providers (Registration and Dispute Resolution) Act 2008

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