Financial Service Providers (Registration and Dispute Resolution) Act 2008

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment
12 No holding out that in business of providing financial service unless registered and member of approved dispute resolution scheme

(1)

A person must not—

(a)

hold out that the person is registered under this Act unless that person—

(i)

is registered under this Part; and

(ii)

is, if required by section 48, a member of an approved dispute resolution scheme; or

(b)

hold out that the person is registered under this Act in respect of a particular service unless that person—

(i)

is registered for that service under this Part; and

(ii)

is, if required by section 48, a member of an approved dispute resolution scheme; or

(c)

hold out that the person is entitled, qualified, able, or willing to be in the business of providing a financial service to persons in New Zealand unless that person—

(i)

is, if required by this Part, registered for that service under this Part; and

(ii)

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

(1A)

This section applies to a person even if this Act would otherwise not apply to the person under section 7A.

(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 12: 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 12: 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 12 heading: amended, on 1 July 2014, by section 11(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 12(1): replaced, on 15 March 2021, by section 71 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 12(1A): inserted, on 15 March 2021, by section 71 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 12(2): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).