Financial Service Providers (Registration and Dispute Resolution) Act 2008

Subpart 1—Financial service provider must be member of dispute resolution scheme

48 Financial service provider must be member of dispute resolution scheme

(1)

Every financial service provider must be a member of an approved dispute resolution scheme in respect of a financial service provided to a retail client.

(2)

A member, in relation to an approved dispute resolution scheme, is a financial service provider who may be the subject of a complaint to that scheme.

(3)

However, this obligation does not apply to—

(a)

a financial service provider in relation to providing a financial service referred to in section 5(1)(i) or (ia)(i) if providing that service is not the provider’s only or principal business; or

(b)

a financial service provider in relation to the financial service of operating a financial product market (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013); or

(ba)

an individual who is exempted from the obligation by section 48A; or

(c)

a financial service provider (whether generally or in respect of a particular financial service or class of financial service) if it is exempted from the obligation by or under any other Act or by regulations made under section 79.

Section 48(1): amended, on 1 July 2014, by section 28(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 48(1): amended, on 1 July 2010, by section 26(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 48(2): amended, on 1 July 2014, by section 28(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 48(3): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 48(3)(ba): inserted, on 15 March 2021, by section 90 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).