Financial Service Providers (Registration and Dispute Resolution) Act 2008

Subpart 1—Requirements for registration and being member of approved dispute resolution scheme and prohibition against holding out

Subpart 1: brought into force (in respect of financial services other than financial adviser services), on 1 December 2010, by clause 3 of the Financial Service Providers (Registration and Dispute Resolution) Act Commencement Order 2010 (SR 2010/231).

Subpart 1: brought into force (in respect of financial adviser services), on 1 April 2011, by clause 4 of the Financial Service Providers (Registration and Dispute Resolution) Act Commencement Order 2010 (SR 2010/231).

Subpart 1 heading: replaced, on 15 March 2021, by section 69 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

11 Person in business of providing financial service must be registered and member of approved dispute resolution scheme

(1)

A person to whom this Act applies who is in the business of providing a financial service must—

(a)

be registered for that service under this Part; and

(b)

if required by section 48, be a member of an approved dispute resolution scheme.

(2)

Every person who knowingly breaches subsection (1) commits an offence and is liable on conviction,—

(a)

in the case of an individual, to imprisonment for a term not exceeding 12 months or to a fine not exceeding $100,000, or to both; or

(b)

in the case of a person who is not an individual, to a fine not exceeding $300,000.

Section 11: brought into force (in respect of financial services other than financial adviser services), on 1 December 2010, by clause 3 of the Financial Service Providers (Registration and Dispute Resolution) Act Commencement Order 2010 (SR 2010/231).

Section 11: brought into force (in respect of financial adviser services), on 1 April 2011, by clause 4 of the Financial Service Providers (Registration and Dispute Resolution) Act Commencement Order 2010 (SR 2010/231).

Section 11 heading: replaced, on 15 March 2021, by section 70(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 11(1): replaced, on 15 March 2021, by section 70(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 11(2): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).