Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698837207598.pdf (New Zealand)
Reprint as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Public Act 2008 No 97 Date of assent 29 September 2008 Commencement see section 2 Contents 1 2 2A 7A 8 8A Title Commencement Part 1 Preliminary provisions Purposes of this Act Overview Interpretation Meaning of financial service Meaning of in the business of providing a financial service Persons who are not in business of providing financial service Application of Act Act binds the Crown Transitional, savings, and related provisions 9 Purpose of this Part Part 2 Registration Page 6 6 7 7 7 12 15 15 16 17 17 17 Note 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.
1 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 10 Registration and deregistration Subpart 1—Requirements for registration and being member of approved dispute resolution scheme and prohibition against holding out Person in business of providing financial service must be registered and member of approved dispute resolution scheme No holding out that in business of providing financial service unless registered and member of approved dispute resolution scheme Registration for certain overlapping services not required Subpart 2—Registration of financial service provider Qualifications for registration as financial service provider Disqualified person Application for registration as financial service provider Application to be registered as financial service provider Purpose of FMA’s powers relating to registration FMA may prevent registration of financial service provider FMA may prevent registration regardless of whether applicant is otherwise qualified to be registered Registration of financial service provider Changes relating to financial service provider Duty to notify changes relating to financial service provider Deregistration of financial service provider Deregistration of financial service provider Purpose of FMA’s powers relating to deregistration Consideration of deregistration of financial service provider by FMA FMA may direct deregistration regardless of whether section 18(1) applies Notice of intention to deregister Objection to proposed deregistration of financial service provider Notification of deregistration of financial service provider Reregistration of financial service provider Reregistration of financial service provider Registrar must not reregister financial adviser if direction has been made 11 12 12A 13 14 15 15A 15B 15C 16 17 18 18A 18B 18C 19 20 21 22 22A Suspension of registration 22B Suspension of registration 22C Registration of financial advisers Registration of financial advisers 2 18 18 19 20 20 21 22 23 23 24 24 26 27 29
 30 31 31 31 31 32 32 33 33 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 22D Financial adviser may be deregistered if not engaged by provider for extended period 34 23 Information-sharing provisions between Registrar and Commission 35 Information-sharing provisions Responsible financial service provider [Repealed] 23 Responsible financial service provider [Repealed] Subpart 3—Register of financial service providers Register established 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 44A 44B Register of financial service providers Operation of and access to register Purposes of register Contents of register Annual confirmation Registrar must amend register in certain circumstances Registrar may refuse to accept document Searches of register Searches of register Search purposes When search breaches information privacy principle Information sharing Sharing information with other persons or bodies Registrar of Financial Service Providers Appointment of Registrar Power of Registrar to delegate Subpart 4—Registrar’s inspection powers Registrar’s inspection powers Disclosure of information and reports Exercise of powers under section 37 not affected by appeal Subpart 5—Miscellaneous Offence also committed by director Offence to make false or misleading representation Appeals from Registrar’s decisions and FMA directions Decisions or directions continue in effect until appeal Regulations under Part 1 and
 this Part Who financial adviser is treated as engaged by when engaged indirectly FMA acts as licensing authority in relation to operators of financial product markets 35 35 36 36 37 38 38 39 39 39 39 39 40 41 41 44 45 45 45 46 47 47 50 50 3 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 Review and report on operation of this Part 45 46 Ministry must review and report on operation of this Part Territorial scope [Repealed] 47 Purpose of this Part Part 3
 Dispute resolution 48 48A 49 49A 49B 49C 49D 49E 49F 49G 50 51 52 53 54 55 56 57 58 59 60 61 Subpart 1—Financial service provider must be member of dispute resolution scheme Financial service provider must be member of dispute resolution scheme When financial adviser is exempt from being member Who are retail clients Who are eligible investors Acceptance of certification Revocation of certification How to opt out of being wholesale client Giving revocation of certification or notification of opt out Members of dispute resolution scheme must comply with rules and binding resolutions Offence to fail to comply with District Court order Subpart 2—Approval of dispute resolution schemes Meaning of approved dispute resolution scheme Approval of dispute resolution schemes Application for approval Mandatory considerations for approval Minister must decide application for approval Notification and publication of decision Reapplication by unsuccessful applicant Withdrawal of approval Withdrawal of approval Notice of intention to withdraw approval Objection to intended withdrawal of approval Approval is withdrawn from date person responsible for scheme is notified Notification and publication of withdrawal of approval Effect of withdrawal of approval on members of dispute resolution scheme List of members of approved dispute resolution scheme 62 List of members 4 50 51 51 51 52 52 54 54 54 55 55 55 56 57 57 57 58 59 59 59 60 61 61 61 62 62 Reprinted as at 1 June 2021
 Financial Service Providers (Registration and Dispute Resolution) Act 2008 63 64 65 66 67 68 69 70 Rules about approved dispute resolution scheme Rules about approved dispute resolution scheme Obligation to publish rules Duty to notify change to rules Minister’s consideration of change of rules Duty to co-operate and communicate information in certain circumstances Annual reports and information requests by Minister Annual report Person responsible for approved dispute resolution scheme must supply further
 information on Minister’s request 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 72A 73 74 75 76 Appointment of reserve scheme [Repealed] Reserve scheme: rules about fees and charges [Repealed] Revocation of appointment as reserve scheme [Repealed] Notice of intention to recommend revocation of appointment as reserve scheme under section 73(2)(a) or (b) [Repealed] Objection to intended recommendation for revocation [Repealed] 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] 79 Regulations under this Part Regulations under this Part 62 64 64 65 65 66 66 67 67 67 67 67 67 68 68 68 68 69 69 5 s 1 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 79AA Appointment of interim dispute resolution scheme Pecuniary and compensatory orders for contravening wholesale certification requirement 79A 79B 80 81 Pecuniary order for contravening wholesale certification requirement Compensation for contravention of wholesale certification requirement Review and report on operation of
 this Part Ministry must review and report on operation of this Part Consequential amendment Consequential amendment Schedule 1AA Transitional, savings, and related provisions Schedule 1 Consequential amendment Schedule 2 Licensing authorities and licensed providers 71 71 72 73 73 74 76 77 1 Title This Act is the Financial Service Providers (Registration and Dispute Reso‐ lution) Act 2008.
2 (1) Commencement Part 2 and section 48 come into force on a date to be appointed by the Governor-General by Order in Council; and 1 or more orders may be made that do either or both of the following: (a) (b) bring different provisions into force on different dates: bring provisions into force on different dates in respect of different types of financial service or financial service provider.

(2) The rest of this Act comes into force on the day after the date on which it receives the Royal assent.
Section 2(1)(a): Part 2 (except subpart 1) and section 48 brought into force, on 16 August 2010, by clause 2 of the Financial Service Providers (Registration and Dispute Resolution) Act Commence‐ ment Order 2010 (SR 2010/231).

Section 2(1)(b): subpart 1 of Part 2 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 2(1)(b): subpart 1 of Part 2 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).
6 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 1 s 4 Section 2(1): replaced, on 1 July 2010, by section 5 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Part 1 Preliminary provisions 2A Purposes of this Act The purposes of this Act are— 3 (1) (2) (3) (4) (5) (a) (b) to promote the confident and informed participation of businesses, investors, and consumers in the financial markets; and to promote and facilitate the development of fair, efficient, and transpar‐ ent financial markets.

Section 2A: inserted, on 1 July 2014, by section 4 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Overview This Act requires financial service providers to be registered.

Financial service providers are generally required to be members of a dispute resolution scheme if they provide financial services to retail clients.

The Act sets out how a dispute resolution scheme may be approved by the Minister and why the approval might be withdrawn.

[Repealed] This section is intended as a guide only.
Section 3(2): replaced, on 1 July 2010, by section 6 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 3(2): amended, on 1 July 2014, by section 5(1) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 3(3): amended, on 1 July 2014, by section 5(2) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 3(4): repealed, on 1 July 2014, by section 5(3) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).
4 Interpretation In this Act, unless the context otherwise requires,— annual confirmation means the annual confirmation relating to a registered provider supplied to the Registrar under section 28 annual report means the annual report relating to an approved dispute reso‐ lution scheme supplied to the Minister under section 68 approved dispute resolution scheme has the meaning given by section 50 business includes any profession, trade, or undertaking, whether or not carried on with the intention of making a pecuniary profit 7 Part 1 s 4 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 chief executive means the chief executive of the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act company means a company, or an overseas company, within the meaning of section 2(1) of the Companies Act 1993 contract of insurance— (a) means every contract of insurance including a contract of life insurance (including endowment and annuity contracts) and reinsurance; but (b) does not include a class of contract declared not to be a contract of insur‐ ance by regulations controlling owner means, in relation to a financial service provider that is not an individual, any person who beneficially owns 50% or more of that provider conveyancing practitioner has the meaning given by section 6 of the Lawyers and Conveyancers Act 2006 credit contract— (a) has the meaning given by section 7 of the
 Credit Contracts and Con‐ sumer Finance Act 2003; but (b) does not include— (i) (ii) (iii) contracts specified in section 15(1)(a) or (b) of that Act: [Repealed] contracts under which no interest charges, and no credit fees, as defined in section 5 of that Act are payable creditor has the same meaning as in section 5 of the Credit Contracts and Con‐ sumer Finance Act 2003 director has the meaning given by section 6(1) of the Financial Markets Con‐ duct Act 2013 disciplinary committee means the disciplinary
 committee established under Part 5 of Schedule 5 of the Financial Markets Conduct Act 2013 document means— (a) any material, whether or not it is signed or otherwise authenticated, that bears symbols (including words and figures), images, or sounds, or from which symbols, images, or sounds can be derived, and includes— (i) (ii) (iii) a label, marking, or other writing that identifies or describes a thing of which it forms a part, or to which it is attached: a book, map, plan, graph, or drawing: a photograph, film, or negative; and (b) information electronically recorded or stored, and information derived from that information 8 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 1 s 4 due date, in relation to an annual confirmation, means the date allocated to a registered financial service provider by the Registrar under section 16(1)(b) engaged, in relation to a person who gives financial advice, has the meaning given by section 431E of the Financial Markets Conduct Act 2013 (but see sec‐ tion 44A, which relates to when a person is engaged to give advice through an interposed person) family trust has the same meaning as in section 5 of the Credit Contracts and Consumer Finance Act 2003 FATF means the Financial Action Task Force on Money Laundering estab‐ lished in Paris in 1989 FATF Recommendations means all of the following recommendations: (a) (b) (c) the 40 Recommendations adopted by FATF at its plenary
 meeting on 20 June 2003: the Special Recommendations on Terrorist Financing adopted by FATF at its extraordinary plenary meeting on 31 October 2001: Special Recommendation IX on Terrorist Financing adopted by FATF at its plenary meeting between 20 and 22 October 2004 financial advice provider has the meaning given by section 6(1) of the Finan‐ cial Markets Conduct Act 2013 financial advice service has the meaning given by section 6(1) of the Financial Markets Conduct Act 2013 financial markets legislation
 has the meaning given by section 4 of the Finan‐ cial Markets Authority Act 2011 financial service has the meaning given by section 5 financial service provider means a person who provides or offers to provide a financial service FMA means the Financial Markets Authority established under Part 2 of the Financial Markets Authority Act 2011 in the business of providing a financial service has the meaning given by section 6 incorporated law firm has the meaning given by section 6 of the Lawyers and Conveyancers Act 2006 insurer means a person by whom or on whose behalf the risk or part of the risk to which any contract of insurance relates is accepted lawyer has the meaning given by section 6 of the Lawyers and Conveyancers Act 2006 levy means a levy prescribed by regulations made under section 68 of the Financial Markets Authority Act 2011 9 Part 1 s 4 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 licensed means licensed, registered, authorised, or otherwise approved by a licensing authority licensed provider means a person, identified in Schedule 2, who— (a) (b) provides or offers to provide a licensed service; and is licensed, registered, authorised, or otherwise approved by a licensing authority licensed service means a financial service in respect of which a licensing enactment requires a person to be licensed (or to be exempt from that require‐ ment) to— (a) (b) provide the service; or hold out that the
 person provides the service licensing authority means a body or person, identified in Schedule 2, that licenses, registers, authorises, or otherwise approves a person to be a licensed provider (but see section 44B in relation to operators of financial product mar‐ kets) licensing enactment means an enactment identified in Schedule 2 member, in relation to a dispute resolution scheme, has the meaning given by section 48(2) member of a local authority has the meaning given by section 5(1) of the Local
 Government Act 2002 Minister means— (a) (b) the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act and for Parts 1 and 2; and the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for Part 3 Ministry means the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act person includes a corporation sole, a body corporate, and an unincorporated body prescribed means prescribed by this Act or by any regulations made under this Act qualified statutory accountant has the same meaning as in section 5(1) of the Financial Reporting Act 2013 real estate agent means a person who is a licensee under the Real Estate Agents Act 2008 register means the register of financial service providers established and main‐ tained under section 24 10 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 1 s 4 Registrar means the Registrar of Financial Service Providers appointed under section 35 regulated client money or property service has the meaning given by section 431W(4) of the Financial Markets Conduct Act 2013 regulated financial advice has the meaning given by section 431C(3) of the Financial Markets Conduct Act 2013 related company has the meaning given by section 2(3) of the Companies Act 1993 retail client has the meaning set out in section 49 senior manager means, in relation to a financial service provider, a person who is not a director but occupies a position that allows the person to exercise significant influence over the management or administration of that provider (for example, a chief executive or a chief financial officer) tax agent has the meaning given by section 3(1) of the Tax Administration Act 1994 and, for the purposes
 of this Act, includes a representative and nominated person as those terms are defined in section 3(1) of the Tax Administration Act 1994 wholesale client has the meaning set out in section 49.
Section 4 affiliated entity: repealed, on 1 July 2014, by section 6(4) of the Financial Service Provid‐ ers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 broker: repealed, on 15 March 2021, by section 62(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 4 broking service: repealed, on 15 March 2021, by section 62(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 4 chartered accountant: repealed, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 4 contract of insurance: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 conveyancing practitioner: inserted, on 1 July 2010, by section 7(3) of the Financial Ser‐ vice Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 4 credit contract paragraph (b)(ii): repealed, on 1 July 2014, by section 6(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 credit contract paragraph (b)(iii): amended, on 1 July 2014, by section 6(2) of the Finan‐ cial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 4 creditor: inserted, on 1 July 2014, by section 6(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 director: replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 4 disciplinary committee: inserted, on 15 March 2021, by section 62(2) of the Financial Ser‐ vices Legislation Amendment Act 2019 (2019 No 8).
Section 4 engaged: inserted, on 15 March 2021, by section 62(2) of the Financial Services Legis‐ lation Amendment Act 2019 (2019 No 8).

Section 4 financial advice provider: inserted, on 15 March 2021, by section 62(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
11 Part 1 s 5 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 Section 4 financial advice service: inserted, on 15 March 2021, by section 62(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 4 financial adviser service: repealed, on 15 March 2021, by section 62(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 4 financial markets legislation: inserted, on 15 March 2021, by section 62(2) of the Finan‐ cial Services Legislation Amendment Act 2019 (2019 No 8).

Section 4 FMA: inserted, on 1 July 2014, by section 6(3) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 incorporated law firm: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 4 insurance business: repealed, on 1 July 2010, by section 7(1) of the Financial Service Pro‐ viders (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 insurer: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 4 levy: inserted, on 1 July 2014, by section 6(3) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 licensed: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 4 licensed service: replaced, on 1 July 2010, by section 7(3) of the Financial Service Provid‐ ers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 licensing authority: replaced, on 15 March 2021, by section 62(3) of the Financial Ser‐ vices Legislation Amendment Act 2019 (2019 No 8).

Section 4 licensing enactment: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 4 person: amended, on 1 July 2010, by section 7(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 4 qualified statutory accountant: inserted, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 4 regulated client money or property service: inserted, on 15 March 2021, by section 62(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 4 regulated financial advice: inserted, on 15 March 2021, by section 62(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 4 reserve scheme: repealed, on 1 July 2014, by section 6(4) of the Financial Service Provid‐ ers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 4 responsible financial service provider: repealed, on 1 July 2014, by section 6(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 4 retail client: inserted, on 1 July 2010, by section 7(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 4 tax agent: amended, on 18 March 2019, by section 368 of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).

Section 4 wholesale client: inserted, on 1 July 2010, by section 7(3) of the Financial Service Provid‐ ers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Meaning of financial service In this Act, financial service means any of the following financial services: (a) a financial advice service: 5 (1) 12 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 1 s 5 (ab) a regulated client money or property service (including a custodial ser‐ vice): (b) (c) (d) (e) (f) (g) (h) (i) (ia) being a licensed NBDT, as defined in the Non-bank Deposit Takers Act 2013: being a registered bank: keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons: being a creditor under a credit contract: operating a money or value transfer service: issuing or managing the means of payment (for example, credit or debit cards, cheques, travellers’ cheques, money orders, bankers’ drafts, or electronic money): giving financial guarantees: acting as an offeror of financial products offered under an FMC offer: acting in any of the following capacities in respect of regulated products or financial products offered under an FMC offer: (i) (ii) as an issuer: as a supervisor: (iii) as an investment manager: (ib) any of the following market services if the service is, or is required to be, provided under a market services licence (whether as a licence holder or as an authorised body): (i) (ii) (iii) (iv) (v) (vi) acting as a manager of a registered scheme (other than a restricted scheme): acting as an independent trustee of a restricted scheme: acting as a provider of a discretionary
 investment management service: acting as a derivatives issuer: acting as a provider of prescribed intermediary services: acting as an administrator of a financial benchmark: (ic) acting as a custodian in respect of a registered scheme or a discretionary investment management service provided by a DIMS licensee: (id) operating a financial product market: (j) (k) changing foreign currency: trading financial products or foreign exchange on behalf of other per‐ sons: (l) providing forward foreign exchange contracts:
 13 Part 1 s 5 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (m) acting as an insurer: (ma) providing a prescribed service— (i) (ii) that is the same, or substantially the same, as a service referred to in paragraph (ib); but in respect of which the provider is not required to provide the ser‐ vice under a market services licence because of an exemption under section 389(3)(b) of the Financial Markets Conduct Act 2013 or an exemption granted or issued by a licensing authority or because the service is a wholesale service or provided only to wholesale clients or wholesale investors (as defined in any licens‐ ing enactment): (n) providing any other financial service that is prescribed for the purposes of New Zealand complying with the FATF Recommendations, other rec‐ ommendations by FATF, or other similar international obligations that are consistent with the purpose of this Act.
(2) Any term or expression that is defined in the Financial Markets Conduct Act 2013 and used in this section, but not defined in this Act, has the same meaning as in the Financial Markets Conduct Act 2013.

(3) In this section, FMC offer means any of the following kinds of offers: (a) (b) a regulated offer within the meaning of section 41 of the Financial Mar‐ kets Conduct Act 2013: an offer of financial products referred to in clause 19 or 21 of Schedule 1 of that Act.
Section 5(1)(a): replaced, on 15 March 2021, by section 63(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(1)(ab): replaced, on 15 March 2021, by section 63(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(1)(b): replaced, on 1 May 2015, by section 91(2) of the Non-bank Deposit Takers Act 2013 (2013 No 104).
Section 5(1)(e): amended, on 6 June 2015, by section 7 of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 5(1)(g): replaced, on 15 March 2021, by section 63(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(1)(i): replaced, on 15 March 2021, by section 63(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 5(1)(ia): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 5(1)(ib): replaced, on 15 March 2021, by section 63(4) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(1)(ic): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
Section 5(1)(id): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

14 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 1 s 7 Section 5(1)(k): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
Section 5(1)(m): replaced, on 1 July 2010, by section 8(3) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 5(1)(ma): inserted, on 15 March 2021, by section 63(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 5(2): replaced, on 15 March 2021, by section 63(6) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 5(3): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

6 Meaning of in the business of providing a financial service In this Act, in the business of providing a financial service means carrying on a business of providing a financial service (whether or not the business is the provider’s only business or the provider’s principal business).
Section 6: amended, on 15 March 2021, by section 64 of the Financial Services Legislation Amend‐ ment Act 2019 (2019 No 8).
7 (1) Persons who are not in business of providing financial service [Repealed] (2) None of the following persons are in the business of providing a financial ser‐ vice for the purposes of this Act to the extent this subsection applies to them: (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) a lawyer, incorporated law firm, conveyancing practitioner, qualified statutory accountant, tax agent, or real estate agent providing a service in the ordinary course of business of the relevant kind: a public service agency as defined in section 5 of the Public Service Act 2020: the Reserve Bank of New Zealand (and any subsidiaries): the statutory entities listed in Schedule 1 of the Crown Entities Act 2004 (other than Public Trust): a person engaged in terminating the business of a financial service pro‐ vider after that provider has been deregistered: a non-profit organisation in respect of free financial services: [Repealed] an executor, administrator, or trustee in respect of services provided in the administration of an estate or a trustee in respect of services provided to beneficiaries of a family trust: a nominated representative (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013) while acting in that capacity on behalf of the financial advice provider that nominated the person: an employer while providing services to enable employees of the employer to obtain rights or benefits under a retirement scheme (as 15 Part 1 s 7A Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 defined in section 6(1) of the Financial Markets Conduct Act 2013), being a scheme in which that employer participates for the benefit of its employees: (k) any person exempted, under regulations made under this Act or by or under any other enactment, from the application of this Act or from the requirement to register under this Act (to the extent of the relevant exemption).
(3) If subsection (2) applies to a person (A), it applies equally to any controlling owner, director, employee, agent, or other person while acting in the course of, and for the purposes of, A’s business to the same extent as it applies to A.

(4) However, subsections (2) and (3) do not apply if, and to the extent that, any other enactment requires a person referred to in those subsections to be regis‐ tered under this Act.
Section 7: replaced, on 1 July 2010, by section 9 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 7 heading: replaced, on 15 March 2021, by section 65(1) of the Financial Services Legis‐ lation Amendment Act 2019 (2019 No 8).

Section 7(1): repealed, on 15 March 2021, by section 65(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 7(2)(a): amended, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 7(2)(b): replaced, on 7 August 2020, by section 135 of the Public Service Act 2020 (2020 No 40).

Section 7(2)(d): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
Section 7(2)(g): repealed, on 1 July 2014, by section 8 of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 7(2)(i): replaced, on 15 March 2021, by section 65(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 7(2)(j): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
7A Application of Act (1) This Act applies to every person (A) who is in the business of providing a financial service if— (a) A’s financial services are provided to persons in New Zealand by or on behalf of A; or (b) A is, or is required to be, a licensed provider under a licensing enact‐ ment; or (c) A is required to be registered under this Act by or under any other enact‐ ment (including under a licence condition); or (d) A provides the service in the prescribed circumstances; or 16 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 9 (e) A is a reporting entity to which the Anti-Money Laundering and Coun‐ tering Financing of Terrorism Act 2009 applies.
(2) The following apply for the purposes of subsection (1)(a): (a) the paragraph does not apply merely because A’s financial services are accessible by persons in New Zealand: (b) the paragraph does not apply if A— (i) (ii) does not have a place of business in New Zealand; and does not provide the service to any retail client in New Zealand: (c) (d) the paragraph does not apply if the extent to which the financial service is provided to persons in New Zealand is less than any prescribed thresh‐ old: the paragraph applies regardless of where the financial service is provi‐ ded from.
(3) (4) (5) Subsection (2)(c) does not apply in the prescribed circumstances.

This Act may also apply to a person who registers for financial advice services under section 22C (even though the person is not in the business of providing a financial service).

See section 12(1A), which applies section 12 to a person even if this Act would not otherwise apply to the person under this section.

(6) This section is subject to section 7.


Section 7A: inserted, on 15 March 2021, by section 66 of the Financial Services Legislation Amend‐ ment Act 2019 (2019 No 8).

8 Act binds the Crown This Act binds the Crown.

8A Transitional, savings, and related provisions The transitional, savings, and related provisions set out in Schedule 1AA have effect according to their terms.

Section 8A: replaced, on 15 March 2021, by section 67 of the Financial Services Legislation Amend‐ ment Act 2019 (2019 No 8).
Part 2 Registration 9 Purpose of this Part The purpose of this Part is to— (a) establish a compulsory public register of financial service providers to enable— 17 Part 2 s 10 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (i) (ii) the public to access information about financial service providers; and the Registrar and other regulators to regulate financial service pro‐ viders: prohibit certain people from being involved in the management or direc‐ tion of registered financial service providers: conform with New Zealand’s obligations under the FATF Recommenda‐ tions.
(b) (c) 10 (1) (2) Registration and deregistration Registration under this Act continues until the registered person is deregistered.

Registration may not be transferred and may not vest by operation of law in any person other than the person registered under this Act.

(3) A person is deregistered when the Registrar enters on the register that the per‐ son is deregistered.

(4) This section is subject to section 22B (suspension of registration).
Section 10(4): inserted, on 15 March 2021, by section 68 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

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 Reso‐ lution) 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 finan‐ cial service must— (a) (b) be registered for that service under this Part; and 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 18 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 12 (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 Reso‐ lution) 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 Legis‐ lation 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).
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) (ii) is registered under this Part; and 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 par‐ ticular service unless that person— (i) (ii) is registered for that service under this Part; and 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) (ii) is, if required by this Part, registered for that service under this Part; and 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) (b) 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 in the case of a person who is not an individual, to a fine not exceeding $300,000.
19 Part 2 s 12A Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 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 Reso‐ lution) 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).
12A Registration for certain overlapping services not required (1) This section applies if— (a) a person (A) is registered for a financial service referred to in section 5(1)(a) to (c), (e), (ia)(ii) or (iii), (ib) to (id), (l), (m), or (ma); and (b) A also provides a financial service referred to in section 5(1)(d), (f), (g), (h), (i), (ia)(i), (j), or (k), but only in the ordinary course of providing the service for which A is registered as referred to in paragraph (a); and (c) regulations provide for this section to apply in the circumstances in which A provides the service; and (d) A complies with the terms and conditions (if any) prescribed for the pur‐ poses of this section.
(2) A— (a) (b) is not required to be registered for the financial service referred to in subsection (1)(b); and is not prevented from holding out that A is entitled, qualified, able, or willing to be in the business of providing that financial service.

Section 12A: inserted, on 15 March 2021, by section 72 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Subpart 2—Registration of financial service provider 13 Qualifications for registration as financial service provider A person is qualified to be registered as a financial service provider if— the person is not disqualified under section 14; and [Repealed] if a licensing enactment requires the person to be a licensed provider, the person is, or will be (on and from commencing to be in the relevant busi‐ ness), a licensed provider.
(a) (b) (c) 20 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 14 Section 13(b): repealed, on 1 July 2014, by section 12 of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 13(c): replaced, on 1 July 2010, by section 13 of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2010 (2010 No 41).
14 Disqualified person (1) A person is disqualified if,— (a) (b) in the case of an individual, the individual is disqualified under subsec‐ tion (2); or in the case of a person who is not an individual, the person has a control‐ ling owner, director, or senior manager who is disqualified under subsec‐ tion (2).
(2) The following persons are disqualified: (a) (b) (c) (ca) an undischarged bankrupt, or a person who has a substantially similar status in a country, State, or territory outside New Zealand: a person prohibited from being a director or promoter of, or concerned in the management of, an incorporated or unincorporated body under the Companies Act 1993, the Financial Markets Conduct Act 2013, or the Takeovers Act 1993: a person subject to a management banning order under the Financial Markets Conduct Act 2013, the Takeovers Act 1993, or subject to an order under section 108 of the Credit Contracts and Consumer Finance Act 2003: a person who is prohibited from 1 or more of the following under an order made, or a notice given, under a law of a country, State, or territory outside New Zealand that is prescribed for the purposes of section 151(2)(eb) of the Companies Act 1993: (i) (ii) (iii) being a director of a body corporate incorporated outside New Zealand (an overseas company): being a promoter of an overseas company: being concerned in or taking part in the management of an over‐ seas company: (d) (da) a person who has been convicted of an offence against section 11, 12, or 41 within the past 5 years: a person who, within the past year, has been deregistered, or been a director or senior manager of an entity that has been deregistered, under section 18(1)(ca): (e) a person who has been convicted of a crime involving dishonesty as defined in section 2(1) of the Crimes Act 1961 within the past 5 years: 21 Part 2
 s 15 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (ea) (f) (g) a person who has been convicted within the past 5 years, in a country, State, or territory outside New Zealand, of an offence that is substan‐ tially similar to an offence specified in paragraph (e): a person who has been convicted of a money laundering offence or an offence relating to the financing of terrorism, whether in New Zealand or elsewhere: a person who is subject to a forfeiture order under the Criminal Proceeds (Recovery) Act 2009 or to a substantially similar order in a country, State, or territory outside New Zealand.
(3) A member of a local authority must be treated as if he or she is not disquali‐ fied.

Section 14(2)(a): replaced, on 15 March 2021, by section 73(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 14(2)(b): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 14(2)(c): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
Section 14(2)(ca): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 14(2)(da): inserted, on 15 March 2021, by section 73(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 14(2)(e): amended, on 7 November 2015, by section 4 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2015 (2015 No 102).
Section 14(2)(ea): replaced, on 15 March 2021, by section 73(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 14(2)(f): amended, on 1 July 2014, by section 13(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 14(2)(g): replaced, on 15 March 2021, by section 73(4) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Application for registration as financial service provider 15 Application to be registered as financial service provider (1) An application to be registered as a financial service provider must be made to the Registrar and— (a) state the following (as relevant to the applicant): (i) (ii) the name and business address of the applicant: [Repealed] (iii) whether the application relates to a licensed service, and if so, which particular licensed service; and (ab) if the applicant is applying to be registered under section 22C, state whether the applicant is engaged by a financial advice provider (B) to give regulated financial advice on B’s behalf and, if so, B’s name and business address; and 22 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 15B (b) (c) (d) be in the form (if any) required by the Registrar; and confirm that the applicant is not disqualified under section 14; and contain, or be accompanied by, any other prescribed information or documents; and (e) be accompanied by the prescribed fee or levy (if any).
(2) If the application relates to a licensed service, it must be accompanied by any information required, by or under the licensing enactment, to become a licensed provider, unless otherwise agreed by the relevant licensing authority and the Registrar.

Section 15(1)(a)(ii): repealed, on 1 July 2014, by section 14 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 15(1)(ab): inserted, on 15 March 2021, by section 74 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 15(1)(e): amended, on 1 July 2010, by section 14(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 15(2): amended, on 1 May 2014, by section 91(3) of the Non-bank Deposit Takers Act 2013 (2013 No 104).
Section 15(2): amended, on 1 July 2010, by section 14(2) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
15A Purpose of FMA’s powers relating to registration The purpose of section 15B is to prevent a person (A) from being registered as a financial service provider if such registration has, will have, or is likely to have the effect of— (a) creating, or causing the creation of, a false or misleading appearance with respect to the extent to which A— (i) (ii) (iii) provides, or will provide, financial services in New Zealand; or provides, or will provide, financial services from a place of busi‐ ness in New Zealand; or is, or will be, regulated by New Zealand law in relation to a finan‐ cial service; or (b) otherwise damaging the integrity or reputation of— (i) New Zealand’s financial markets; or (ii) New Zealand’s law or regulatory arrangements for regulating those markets.
Section 15A: inserted, on 1 July 2014, by section 15 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
15B FMA may prevent registration of financial service provider (1) On receipt of an application under section 15, the Registrar may, if the Registrar considers it necessary or desirable after having regard to section 15A, 23 Part 2 s 15C Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 refer the application to the FMA and the FMA may, but is not required to, con‐ sider the application.
(2) (3) If the FMA decides to consider the application, the FMA must, after taking into account section 15A, consider whether preventing the applicant from being registered under section 16(1) is necessary or desirable.
If, in the FMA’s view, the applicant should be prevented from being registered under section 16(1), the FMA must— (a) (b) comply with subsection (4); and if, having considered any submission received under subsection (4), the FMA remains of the view that the applicant should be prevented from being registered, direct the Registrar to reject the application in accord‐ ance with section 16(2); and (c) give its reasons for that direction.
(4) Before giving a direction under subsection (3)(b), the FMA must— (a) give the applicant— (i) (ii) (iii) written notice of its intention to give the direction; and the reasons why it intends to give that direction; and a date (being not less than 10 working days after the date of the notice referred to in subparagraph (i)) by which the applicant may make written submissions to the FMA in relation to its proposed direction; and (b) consider any submissions received in accordance with paragraph (a)(iii).
(5) The Registrar must comply with a direction given under subsection (3)(b).

(6) A provider who is not satisfied with a direction given under this section may appeal to the High Court under section 42.

Section 15B: inserted, on 1 July 2014, by section 15 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
15C FMA may prevent registration regardless of whether applicant is otherwise qualified to be registered The FMA may give a direction under section 15B in relation to an applicant regardless of whether the applicant is qualified for registration under section 13.

Section 15C: inserted, on 1 July 2014, by section 15 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Registration of financial service provider If the Registrar accepts that an applicant is qualified to be registered as a finan‐ cial service provider, the Registrar must— (a) enter the following details on the register (as relevant to the provider): 16 (1) 24 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 16 (i) (ii) (iia) (iii) the name and business address of the provider: [Repealed] the type or types of financial service for which the provider is registered: if the provider is a licensed provider in relation to a particular licensed service, that fact and the name and business address of the relevant licensing authority: (iiia) if the provider (A) is registered under section 22C, a statement as to whether A is engaged by a financial advice provider (B) to give regulated financial advice on B’s behalf and, if so, B’s name and business address; and (iv) any other information prescribed in regulations; and notify the provider of the Registrar’s decision; and require the provider to notify the Registrar, within 10 working days from receiving notification under paragraph (aa), of the name and business address of, and of the provider’s membership number in, the approved dispute resolution scheme of which the provider is a member (if the pro‐ vider is required, by section 48, to be a member of a scheme); and (aa) (ab) (b) allocate a due date for the provider’s annual confirmation, notify the pro‐ vider of that date, and notify that date on the register.
(1A) The Registrar may, at any time, require a person to provide prescribed informa‐ tion in the prescribed manner for the purpose of ascertaining whether— (a) (b) the person is in the business of providing a financial service to persons in New Zealand; or any other matter referred to in section 7A applies in respect of the per‐ son.
(1B) The Registrar may treat section 18(1)(b) as satisfied (and may, accordingly, deregister a provider under that paragraph) if the provider does not comply with a requirement under subsection (1A).
(2) If the Registrar does not accept that an applicant is qualified to be registered as a financial service provider, or if directed by the FMA to reject the application, the Registrar must notify the applicant and any relevant licensing authority of the Registrar’s decision or the FMA’s direction, as the case may be.

(3) Subsection (1) does not apply if the FMA has directed the Registrar to reject the application.
Section 16(1)(a)(ii): repealed, on 1 July 2014, by section 16(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 16(1)(a)(iia): inserted, on 1 July 2010, by section 15 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 16(1)(a)(iiia): inserted, on 15 March 2021, by section 75(1) of the Financial Services Legis‐ lation Amendment Act 2019 (2019 No 8).
25 Part 2 s 17 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 Section 16(1)(aa): inserted, on 1 July 2014, by section 16(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 16(1)(ab): inserted, on 1 July 2014, by section 16(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 16(1A): inserted, on 15 March 2021, by section 75(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 16(1B): inserted, on 15 March 2021, by section 75(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 16(2): amended, on 1 July 2014, by section 16(3)(a) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 16(2): amended, on 1 July 2014, by section 16(3)(b) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 16(3): inserted, on 1 July 2014, by section 16(4) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Changes relating to financial service provider 17 (1) Duty to notify changes relating to financial service provider Each of the following persons must notify the Registrar about the following relevant changes relating to a financial service provider: (a) a financial service provider, if— (b) (c) (i) (ii) (iii) the provider knows that the provider is no longer qualified for registration in accordance with section 13; or the provider is in a business of providing a financial service for which the provider is not registered; or the provider knows that any details on the register are no longer accurate, including information relating to the provider’s member‐ ship of an approved dispute resolution scheme: the licensing authority, if the licensing authority knows that a financial service provider has ceased to be licensed: the person responsible for an approved dispute resolution scheme of which a financial service provider was a member, if the person knows that the provider is no longer a member of that scheme, in which case the person responsible must also notify the Registrar of the following matters: (i) whether that provider’s membership was terminated under section 63(1)(ba); and (ii) whether any remedial action imposed on that provider by the scheme has not been carried out; and (iii) whether there is any unresolved complaint about that provider: (d) a financial advice provider, if the provider engages a financial adviser: 26 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 18 (e) a financial advice provider that is recorded on the register as having engaged a financial adviser, if the financial adviser is no longer engaged by the provider.
(1A) To avoid doubt, the notification obligations in subsection (1)(c) apply in rela‐ tion to an approved dispute resolution scheme or a reserve scheme that has been discontinued (whether as a result of approval being withdrawn or for any other reason).
(2) The time within which a person must notify the Registrar under subsection (1) is 10 working days from the date the person comes to know about the change or, in the case of an approved dispute resolution scheme or a reserve scheme that has been discontinued, within 10 working days of that discontinuance.

(3) A financial service provider who breaches subsection (1)(a) commits an offence and is liable on conviction to a fine not exceeding $10,000.
(4) A person who breaches subsection (1)(c), (d), or (e) commits an offence and is liable on conviction to a fine not exceeding $10,000.

Section 17(1)(a): replaced, on 1 July 2010, by section 16 of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 17(1)(a)(iii): replaced, on 1 July 2014, by section 17(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 17(1)(b): replaced, on 1 July 2010, by section 16 of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 17(1)(c): replaced, on 1 July 2014, by section 17(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 17(1)(d): inserted, on 15 March 2021, by section 76(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 17(1)(e): inserted, on 15 March 2021, by section 76(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 17(1A): inserted, on 1 July 2014, by section 17(3) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 17(2): amended, on 1 July 2014, by section 17(4) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 17(3): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).

Section 17(4): amended, on 15 March 2021, by section 76(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 17(4): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).
Deregistration of financial service provider 18 (1) Deregistration of financial service provider The Registrar must deregister a financial service provider after a notice period in accordance with sections 19 and 20, if the Registrar is satisfied that the pro‐ vider— (a) is no longer qualified to be registered in accordance with section 13; or 27 Part 2 s 18 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (aa) (ab) (b) (c) (ca) has failed to notify the Registrar of the name, business address, and membership number, as required by section 16(1)(ab); or is required by section 48 to be a member of an approved dispute reso‐ lution scheme but is not a member of any such scheme as required; or at any time after the expiry of 3 months after registration, is not in the business of providing a financial service or is otherwise no longer required to be registered under section 11; or has made a representation to the Registrar or the FMA that is false or misleading in any material particular in connection with obtaining or maintaining its registration under this Act or any other matter relating to this Act (for example, false information about the extent to which the person is in the business of providing a financial service); or has failed to comply with a duty provided for under regulations made under section 44(1)(bb) and (bc) or has otherwise failed to provide any material information that it is required to provide by or under this Act, and the Registrar is satisfied that the failure is serious after having regard to the matters set out in subsection (1AB); or (d) has proffered an application fee or annual confirmation fee or levy that has subsequently been dishonoured, declined, or reversed.
(1AA) Subsection (1)(ab) does not apply in respect of any time before the end of the period of 10 working days referred to in section 16(1)(ab).
(1AB) In considering whether a failure is serious under subsection (1)(ca), the Registrar— (a) must have regard to— (i) (ii) the nature and extent of the failure; and the circumstances in which the failure occurred; and (iii) whether the provider has previously failed to comply with the duty referred to in that paragraph or has otherwise previously failed to provide any material information that it is required to provide by or under this Act; and (b) may have regard to any other matters that the Registrar thinks relevant.
(1A) The Registrar may, if the Registrar considers it necessary or desirable after tak‐ ing into account section 18A, refer consideration of whether a financial service provider should be deregistered to the FMA for the FMA’s direction.
(1B) The Registrar must deregister a financial service provider if— (a) (b) (c) the FMA gives a direction under section 18B(3)(c)(i); or the FMA gives a direction under section 469(2)(a) or (b) of the Financial Markets Conduct Act 2013; or the disciplinary committee gives a direction under clause 46(3)(a) or (b) of Schedule 5 of the Financial Markets Conduct Act 2013.
28 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 18A (1C) Deregistration under subsection (1B)(c) relates only to the provider’s registra‐ tion for a financial advice service.

(2) (3) The Registrar must deregister a financial service provider if the provider so requests in writing, with effect from any future date requested.

The Registrar must notify any relevant licensing authority of this deregistration.
For the purposes of this section and sections 19 and 20, notice period means 20 working days from the date of the Registrar’s notification under section 19.

Section 18(1)(aa): inserted, on 1 July 2014, by section 18(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 18(1)(ab): inserted, on 30 May 2017, by section 100(1) of the Regulatory Systems (Commer‐ cial Matters) Amendment Act 2017 (2017 No 12).
Section 18(1)(b): replaced, on 15 March 2021, by section 77(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 18(1)(c): replaced, on 15 March 2021, by section 77(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 18(1)(ca): inserted, on 15 March 2021, by section 77(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 18(1)(d): amended, on 1 July 2010, by section 17(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 18(1AA): inserted, on 30 May 2017, by section 100(2) of the Regulatory Systems (Commer‐ cial Matters) Amendment Act 2017 (2017 No 12).

Section 18(1AB): inserted, on 15 March 2021, by section 77(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 18(1A): inserted, on 1 July 2014, by section 18(2) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 18(1B): replaced, on 15 March 2021, by section 77(4) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 18(1C): inserted, on 15 March 2021, by section 77(4) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
18A Purpose of FMA’s powers relating to deregistration The purpose of section 18B is to provide for the deregistration of a person (A) if A’s registration has, will have, or is likely to have the effect of— (a) creating, or causing the creation of, a false or misleading appearance with respect to the extent to which A— (i) (ii) (iii) provides, or will provide, financial services in New Zealand; or provides, or will provide, financial services from a place of busi‐ ness in New Zealand; or is, or will be, regulated by New Zealand law in relation to a finan‐ cial service; or (b) otherwise damaging the integrity or reputation of— (i) New Zealand’s financial markets; or 29 Part 2 s 18B Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (ii) New Zealand’s law or regulatory arrangements for regulating those markets.
Section 18A: inserted, on 1 July 2014, by section 19 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

18B Consideration of deregistration of financial service provider by FMA (1) The FMA— (a) may, but is not required to, consider a referral under section 18(1A); and (b) may otherwise consider giving a direction under this section at its own discretion (if a referral has not been made).
(2) (3) If the FMA decides to consider the referral or otherwise decides to consider giving a direction under this section, the FMA must, after taking into account section 18A, consider whether it is necessary or desirable for a financial ser‐ vice provider to be deregistered.
If, after acting under subsection (2), the FMA decides to give a direction to the Registrar under this section to deregister the financial service provider, the FMA must— (a) give the financial service provider— (i) (ii) (iii) written notice of its intention to give the direction; and the reasons why it intends to give the direction; and a date (being not less than 20 working days after the date of the notice referred to in subparagraph (i)) by which the applicant may make written submissions to the FMA in relation to its proposed direction; and (b) consider any submissions received in accordance with paragraph (a)(iii); and (c) either,— (i) (ii) if the FMA remains of the view that the financial service provider should be deregistered, direct the Registrar to deregister the pro‐ vider; or if the FMA decides that the provider should not be deregistered, advise the Registrar accordingly; and (d) give its reasons for the direction or advice, as the case may be.
(4) A provider who is not satisfied with a direction given under this section may appeal to the High Court under section 42.

(5) Sections 19 and 20 do not apply if a financial service provider is deregistered as a result of a direction given under subsection (3)(c)(i).

Section 18B: inserted, on 1 July 2014, by section 19 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
30 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 21 18C FMA may direct deregistration regardless of whether section 18(1) applies The FMA may give a direction under section 18B in relation to a person regardless of whether any of paragraphs (a) to (d) of section 18(1) apply.

Section 18C: inserted, on 1 July 2014, by section 19 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
19 (1) Notice of intention to deregister The Registrar must notify a financial service provider and any relevant licens‐ ing authority of the Registrar’s intention to deregister the provider under sec‐ tion 18(1).
(2) The Registrar’s notice must set out— (a) (b) (c) that the Registrar intends to deregister the provider under section 18(1) (stating whichever paragraph applies); and the reasons why the Registrar considers the relevant paragraph in section 18(1) applies; and that there is a notice period before deregistration occurs during which the provider may object, under section 20, to the deregistration.
20 Objection to proposed deregistration of financial service provider (1) During the notice period, the financial service provider may object (with rea‐ sons) to the proposed deregistration under section 18(1).

(2) (3) 21 (1) If the Registrar receives an objection under subsection (1) within the notice period, the Registrar must consider the objection and must not proceed with a deregistration under section 18(1), unless the Registrar is satisfied that any of paragraphs (a) to (d) of section 18(1) applies.
In the case of section 16(1B), the only valid objection to the proposed deregis‐ tration is that the provider complied with the requirement under section 16(1A).

Section 20(3): inserted, on 15 March 2021, by section 78 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Notification of deregistration of financial service provider If the Registrar deregisters a financial service provider, the Registrar must notify— (a) (b) (c) the financial service provider, stating the provider’s right of appeal to the High Court against the deregistration under section 42; and any relevant licensing authority; and the public, by a notice that is publicly available on an Internet site (at all reasonable times) for not less than 20 working days.
(2) In the case of a deregistration in accordance with a direction referred to in sec‐ tion 18(1B)(b) or (c), the notice under subsection (1)(a) must refer to an appeal 31 Part 2 s 22 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 under subpart 9 of Part 8 of the Financial Markets Conduct Act 2013 (rather than an appeal under section 42).
Section 21(2): inserted, on 15 March 2021, by section 79 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Reregistration of financial service provider 22 (1) Reregistration of financial service provider The Registrar may reregister a financial service provider who was deregis‐ tered— (a) on the grounds set out in section 18(1)(b) if the Registrar is satisfied that, at the time of deregistration, the financial service provider was in the business of providing a financial service and was required to be regis‐ tered under section 11; or (b) on the grounds set out in section 18(1)(d) if the Registrar is satisfied that the application fee or annual confirmation fee or levy has been paid.
(2) A reregistration is effective from the date of deregistration as if the deregistra‐ tion had not occurred.

(3) If the Registrar reregisters a financial service provider, the Registrar must notify— (a) (b) (c) the financial service provider; and any relevant licensing authority; and the public, by a notice that is publicly available on an Internet site (at all reasonable times) for not less than 20 working days.
(4) A financial service provider may not apply to be reregistered under this section after the date that is 60 days after the date of deregistration.

(5) This section does not prevent a person from making a new application for registration under section 15.

Section 22(1)(a): replaced, on 15 March 2021, by section 80(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 22(1)(b): amended, on 1 July 2010, by section 18 of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 22(4): inserted, on 15 March 2021, by section 80(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 22(5): inserted, on 15 March 2021, by section 80(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
22A Registrar must not reregister financial adviser if direction has been made The Registrar must not reregister a person (A) in respect of a financial advice service during a period if the Registrar has received a direction under section 469(2)(b)(ii) or clause 46(3)(b)(ii) of Schedule 5 of the Financial Markets Con‐ duct Act 2013 to prevent A from being reregistered during that period.
32 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 22C Section 22A: inserted, on 15 March 2021, by section 81 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Suspension of registration Heading: inserted, on 15 March 2021, by section 81 of the Financial Services Legislation Amend‐ ment Act 2019 (2019 No 8).
22B Suspension of registration (1) The Registrar must suspend the registration of a person (A) if the Registrar has received a direction under section 469(2)(c) or clause 46(3)(c) of Schedule 5 of the Financial Markets Conduct Act 2013.

(2) The suspension is in effect— (a) (b) for the period specified in the direction; or until A meets the conditions specified in the direction (but, in any case, not for a period of more than 12 months).
(3) A person whose registration is suspended is taken not to have that registration while it is suspended.

(4) However, the FMA or the disciplinary committee may specify in the direction that subsection (3) does not apply for specified purposes.

Section 22B: inserted, on 15 March 2021, by section 81 of the Financial Services Legislation Amend‐ ment Act 2019 (2019 No 8).
Registration of financial advisers Heading: inserted, on 15 March 2021, by section 81 of the Financial Services Legislation Amend‐ ment Act 2019 (2019 No 8).

22C Registration of financial advisers (1) An individual (A) who is not disqualified under section 14 may be registered as a financial service provider for financial advice services provided to retail cli‐ ents even though A is not in the business of providing that service.
Example Susan is employed by ABC Limited (ABC) to give regulated financial advice to ABC’s retail clients.

ABC is required to be licensed under section 388(ba) of the Financial Markets Conduct Act 2013 and registered under this Act.

Under section 431D of that Act, ABC is the entity that is providing the financial advice service.

Susan is not provid- ing the service because she is not in business and is only giving the advice on behalf of ABC to ABC’s clients.
However, under the conditions of ABC’s market service licence, the type of service that Susan gives may not be given by a nominated representative.

That type of service can be given only by a financial adviser (that is, a person who is registered under this Act).

Subsection (1) allows Susan to register even though, as an employee, she is not in the business of providing a financial advice service.
33 Part 2 s 22D Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (2) (3) Sections 15 to 16 apply with all necessary modifications for the purposes of registration under this section.

If A becomes registered under this section, this Act (and the rules of an approved dispute resolution scheme) apply with all necessary modifications to A as if A were in the business of providing a financial advice service and A were registered under section 16.
(4) However,— (a) A may not be deregistered in respect of the financial advice service under section 18(1)(b) on the basis that A is no longer required to be registered under section 11; and (b) section 18(1)(b) applies to A in respect of that service only if— (i) A is treated as being no longer in the business of providing a financial advice service under section 22D; or (ii) A does not comply with section 28(1) by the due date (see section 28(3)); or (iii) section 37(6) applies to A.
(5) For the purposes of Part 3, A must be treated as providing a financial advice service to a client (C) if— (a) (b) (c) A is engaged by a financial advice provider to give regulated financial advice on the provider’s behalf; and C is a client of that provider; and A gives financial advice to C. (6) (7) See section 48A, which provides for when financial advisers are exempt from being members of an approved dispute resolution scheme.
In this section and section 22D, retail client has the same meaning as in clause 3 of Schedule 5 of the Financial Markets Conduct Act 2013.

Section 22C: inserted, on 15 March 2021, by section 81 of the Financial Services Legislation Amend‐ ment Act 2019 (2019 No 8).
22D Financial adviser may be deregistered if not engaged by provider for extended period (1) This section applies if the Registrar is satisfied that— (a) (b) an individual (A) is registered under section 22C; but for a continuous period of at least 3 months (or a longer period that applies under subsection (4)), A has not been engaged by any financial advice provider to give regulated financial advice to retail clients on the provider’s behalf.
(2) A must be treated as being no longer in the business of providing a financial advice service (and, accordingly, must be deregistered for that service under section 18(1)(b)).

34 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 24 (3) Any period before A is registered under section 22C must be disregarded for the purposes of this section.
(4) The regulations may provide— (a) (b) that, in 1 or more types of circumstances specified in the regulations, a period longer than 3 months applies under subsection (1)(b) (instead of the 3-month period): that the period that applies in particular circumstances is a period speci‐ fied in the regulations or is a period determined on a case-by-case basis by the Registrar: (c) for how the Registrar determines the period that applies.
Section 22D: inserted, on 15 March 2021, by section 81 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Information-sharing provisions Heading: inserted, on 1 June 2021, by section 64 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
23 Information-sharing provisions between Registrar and Commission Sections 17(1)(b), 18(2), 19(1), 21(b), and 22(3)(b) apply as if the Commerce Commission were identified in Schedule 2 as a body that is a licensing author‐ ity in respect of creditors and mobile traders.

Section 23: inserted, on 1 June 2021, by section 64 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
Responsible financial service provider [Repealed] Heading: repealed, on 1 July 2014, by section 20 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

23 Responsible financial service provider [Repealed] Section 23: repealed, on 1 July 2014, by section 20 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Subpart 3—Register of financial service providers 24 Register of financial service providers Register established The Registrar must establish and maintain a register of financial service pro‐ viders.

35 Part 2 s 25 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 25 (1) (2) (3) Operation of and access to register The register may be kept as an electronic register or in any other manner that the Registrar thinks fit.
The register must be available for access and searching by members of the pub‐ lic at all times unless suspended under subsection (3).

The Registrar may refuse access to the register or suspend its operation, in whole or in part,— (a) (b) if the Registrar considers that it is not practical to provide access to the register; or for any other reason that is prescribed by regulations made under this Act.
Compare: 2008 No 1 s 55(1), (2) 26 Purposes of register The purposes of the register are— (a) to enable the public and any person referred to in paragraph (b) to— (i) (ii) identify registered financial service providers; and access information about— (A) (B) the name and business address of a registered financial ser‐ vice provider; and the approved dispute resolution scheme of which a regis‐ tered financial service provider is a member (if required by section 48); and (BA) the type or types of financial service for which a financial service provider is registered; and (C) whether a registered financial service provider provides a licensed service; and (ab) (b) (c) to enable the public to otherwise access information to assist members of the public to make decisions relating to the provision of financial ser‐ vices; and to assist any person in the exercise of the person’s powers or the per‐ formance of the person’s functions or duties under this Act or any other enactment; and to conform with New Zealand’s obligations under the FATF Recommen‐ dations.
Section 26(a)(ii)(B): amended, on 1 July 2014, by section 21 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 26(a)(ii)(BA): inserted, on 1 July 2010, by section 19 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
36 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 27 27 (1) Section 26(ab): inserted, on 15 March 2021, by section 82(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 26(b): amended, on 15 March 2021, by section 82(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Contents of register The register must contain the following information about each registered per‐ son (to the extent that the information is relevant): (a) (b) (ba) the registered financial service provider’s name and business address: the name and business address of the approved dispute resolution scheme of which the registered financial service provider is a member: the type or types of financial service for which the registered financial service provider is registered: (c) in relation to a licensed provider,— (i) (ii) the relevant licensed service: the name and business address of the relevant licensing authority: (ca) if the provider (A) is registered under section 22C, a statement as to whether A is engaged by a financial advice provider (B) to give regu‐ lated financial advice on B’s behalf and, if so, B’s name and business address: (d) any other information prescribed in regulations.
(2) In addition to the information referred to in subsection (1), the Registrar may, if the Registrar thinks it is appropriate, insert a note of warning in the register in relation to a registered person if— (a) (b) a request for information has been made by the Registrar under this Act in relation to that person; or the Registrar or the FMA is considering any matters relating to the deregistration of that person under this Act.
(3) The Registrar must remove a note of warning inserted under subsection (2) if the Registrar is satisfied that the reasons for inserting it no longer apply.

Section 27(1)(b): amended, on 1 July 2014, by section 22(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 27(1)(ba): inserted, on 1 July 2010, by section 20 of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 27(1)(ca): inserted, on 15 March 2021, by section 83 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 27(2): inserted, on 1 July 2014, by section 22(2) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 27(3): inserted, on 1 July 2014, by section 22(2) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).
37 Part 2 s 28 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 28 (1) Annual confirmation Each registered financial service provider must supply to the Registrar each year by the due date an annual confirmation of details relating to that provider.
(2) The annual confirmation must— (a) (b) (c) be in the form (if any) required by the Registrar and be accompanied by the prescribed fee (if any) and any levy payable by the provider; and confirm that the provider is not disqualified under section 14; and contain, or be accompanied by, any other prescribed information or documents.
(3) If a registered financial service provider does not comply with subsection (1) by the due date, the Registrar may assume that the provider is no longer in the business of providing a financial service and sections 18 to 20 apply.

Section 28(2)(a): amended, on 1 July 2010, by section 21 of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
29 Registrar must amend register in certain circumstances The Registrar must amend the register if— (a) (b) (c) (ca) (d) an annual confirmation contains information that is different from the information entered on the register (where the Registrar is satisfied that the situations described in section 18(1) do not apply); or a financial service provider informs the Registrar of information that is different from the information entered on the register (where the Registrar is satisfied that the situations described in section 18(1) do not apply); or a licensing authority informs the Registrar that a registered financial ser‐ vice provider has become a licensed provider in relation to a particular licensed service; or a financial advice provider notifies the Registrar of a change under sec‐ tion 17(1)(d) or (e); or the Registrar is satisfied at any time that the register contains a typo‐ graphical error or a mistake, or omits information supplied to the Registrar; or (e) regulations made under this Act require the Registrar to do so in circum‐ stances specified by the regulations.
Section 29(ca): inserted, on 15 March 2021, by section 84 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 29(e): replaced, on 1 July 2010, by section 22 of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2010 (2010 No 41).
38 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 34 30 Registrar may refuse to accept document The Registrar may refuse to accept a document received by the Registrar under this Act if that document— (a) (b) is not in the required form (if any); or does not comply with prescribed requirements.
Searches of register 31 Searches of register The register may be searched only by reference to the criteria specified in sec‐ tion 27(1)(a) to (d) and any other criteria prescribed in regulations.

Section 31: amended, on 1 July 2014, by section 23 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
32 Search purposes The register may be searched for the following purposes: (a) (b) (c) by an individual, or a person with the consent of the individual, for the purpose of searching for information about that individual in accordance with the Privacy Act 2020: by a person for a purpose referred to in section 26: by a person for the purpose of advising another person in connection with any of the purposes referred to in this section.
Section 32(a): amended, on 1 December 2020, by section 217 of the Privacy Act 2020 (2020 No 31).

33 When search breaches information privacy principle A person who searches a public register for personal information for a purpose that is not a purpose set out in section 32 must be treated, for the purposes of Parts 5 and 6 of the Privacy Act 2020, as having breached an information pri‐ vacy principle under section 69(2)(a)(i) of that Act.
Section 33: replaced, on 1 December 2020, by section 217 of the Privacy Act 2020 (2020 No 31).
Information sharing 34 (1) Sharing information with other persons or bodies The Registrar may communicate to any of the persons or bodies referred to in subsection (4) any information that the Registrar— (a) (b) holds (other than on the register) in relation to the exercise of the Regis‐ trar’s powers or the performance of the Registrar’s functions and duties; and considers may assist the person or body in the exercise of its powers or the performance of its functions and duties.
39 Part 2 s 35 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (2) (3) The Registrar may use any information communicated to the Registrar by a person or body referred to in subsection (4) in the Registrar’s exercise of the Registrar’s powers or the performance of the Registrar’s functions and duties.

This section applies despite anything to the contrary in any enactment, con‐ tract, deed, or document.
(4) The persons or bodies to which this section applies are— (a) (ab) (ac) (b) (c) (d) the Financial Markets Authority: the Reserve Bank of New Zealand: any other licensing authority identified in Schedule 2: the New Zealand Police: the person responsible for an approved dispute resolution scheme: the Commerce Commission: (da) the disciplinary committee: (e) (f) a prescribed agency that carries out supervisory or enforcement func‐ tions relating to money laundering or terrorist financing: a prescribed overseas agency that is the equivalent of the Registrar or of a body referred to in paragraphs (a) to (c), but only where there is a writ‐ ten agreement between the overseas agency and the Minister about shar‐ ing the information.
Section 34(4)(a): replaced, on 15 March 2021, by section 85(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 34(4)(ab): inserted, on 15 March 2021, by section 85(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 34(4)(ac): inserted, on 15 March 2021, by section 85(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 34(4)(d): replaced, on 1 July 2014, by section 24 of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 34(4)(da): inserted, on 15 March 2021, by section 85(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Registrar of Financial Service Providers Appointment of Registrar The chief executive must appoint a Registrar of Financial Service Providers under the Public Service Act 2020.
The person holding office as Registrar of Companies under the Companies Act 1993, immediately before the commencement of this Act, is deemed to have been appointed as the first Registrar of Financial Service Providers in accord‐ ance with this section.

Compare: 1999 No 126 s 136 Section 35(1): amended, on 7 August 2020, by section 135 of the Public Service Act 2020 (2020 No 40).
35 (1) (2) 40 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 37 36 (1) Power of Registrar to delegate The Registrar may delegate to any person, either generally or particularly, any of the Registrar’s functions, duties, and powers except the power of delegation.
(2) A delegation— (a) must be in writing; and (b) may be made subject to any restrictions and conditions the Registrar (c) (d) thinks fit; and is revocable at any time, in writing; and does not prevent the performance or exercise of a function, duty, or power by the Registrar.

(3) A person to whom any functions, duties, or powers are delegated may perform and exercise them in the same manner and with the same effect as if they had been conferred directly by this Act and not by delegation.
(4) A person who appears to act under a delegation is presumed to be acting in accordance with its terms in the absence of evidence to the contrary.
Compare: 2003 No 12 s 62 Subpart 4—Registrar’s inspection powers 37 (1) Registrar’s inspection powers The Registrar, or a person authorised by the Registrar, may take any of the steps listed in subsection (2) for the purpose of ascertaining whether a person— (aaa) provides a financial service to persons in New Zealand as referred to in section 7A(1)(a); or (a) (b) (c) is in the business of providing a financial service in breach of section 11; or is holding out or has held out that the person is in the business of provid‐ ing a financial service in breach of section 12; or is qualified or has been qualified to be registered in accordance with sec‐ tion 13; or (ca) is ordinarily resident in New Zealand; or (cb) has a place of business in New Zealand; or (cc) is in the business of providing a financial service; or (d) has made a false or misleading representation or omission in breach of section 41.
(2) The steps referred to in subsection (1) are the following: (a) requiring a person to produce for inspection relevant documents within that person’s possession or control: (aa) ascertaining whether information provided to the Registrar is correct: 41 Part 2 s 37 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (ab) requiring a person, in relation to information provided to the Registrar, to— (i) (ii) confirm that the information is correct; or correct the information: (ac) specifying— (i) (ii) a particular form in which the confirmation or correction referred to in paragraph (ab) must be provided; and a date by which the confirmation or correction must be provided; and (iii) whether the confirmation or correction must be verified by the production of original documents or certified copies of original documents or by a statutory declaration: (b) (c) inspecting and taking copies of relevant documents: taking possession of relevant documents and retaining them for a reason‐ able time for the purpose of taking copies.
(2A) The Registrar, or a person authorised by the Registrar, may, under subsection (1), require a person (A) to do either or both of the following under subsection (2)(a) or (ab) (without limiting subsection (1) or (2)): (a) (b) produce a relevant document relating to another person; or confirm that information provided by another person is correct, or cor‐ rect that information, if A is reasonably able to give that confirmation or to make that correction.

Example A is a director of ABC Limited.


A may be required to produce a document relating to ABC Limited’s business or to confirm information provided by ABC Limited.

(3) Any person who exercises powers under subsection (1) must make his or her authorisation from the Registrar available on request.

(4) Nothing in this section limits or affects the Tax Administration Act 1994 or the Statistics Act 1975.

(5) A person must not obstruct or hinder the exercise of a power conferred by sub‐ section (1).
If a registered financial service provider, or a director of such a provider, does not comply with a requirement made under subsection (2)(a) or (ab) in relation to the provider (including compliance with the specifications in subsection (2)(ac)) within 20 working days from the date the requirement was notified to the provider or director, the Registrar may assume that the provider is no longer in the business of providing a financial service and sections 18 to 20 apply.
(6) 42 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 37 (7) A person who knowingly fails to comply with a requirement under subsection (2) commits an offence and is liable on conviction,— (a) (b) in the case of an individual, to a fine not exceeding $30,000: in the case of a person who is not an individual, to a fine not exceeding $300,000.
(8) A person who breaches subsection (5) commits an offence and is liable on con‐ viction,— (a) (b) in the case of an individual, to a fine not exceeding $30,000: in the case of a person who is not an individual, to a fine not exceeding $300,000.
(9) In this section, relevant document means a document that contains informa‐ tion relating to whether a person— (aaa) provides a financial service to persons in New Zealand as referred to in section 7A(1)(a); or (a) (b) (c) is in the business of providing a financial service or a particular financial service; or is holding out or has held out that the person is in the business of provid‐ ing a financial service in breach of section 12; or is qualified or has been qualified to be registered in accordance with sec‐ tion 13; or (ca) is ordinarily resident in New Zealand; or (cb) has a place of business in New Zealand; or (cc) is in the business of providing a financial service; or (d) has made a false or misleading representation or omission in breach of section 41.
Compare: 1993 No 105 s 365 Section 37(1)(aaa): inserted, on 15 March 2021, by section 86(1) of the Financial Services Legis‐ lation Amendment Act 2019 (2019 No 8).

Section 37(1)(ca): inserted, on 1 July 2014, by section 25(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 37(1)(cb): inserted, on 1 July 2014, by section 25(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 37(1)(cc): inserted, on 1 July 2014, by section 25(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 37(2)(aa): inserted, on 1 July 2014, by section 25(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 37(2)(ab): inserted, on 1 July 2014, by section 25(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 37(2)(ac): inserted, on 1 July 2014, by section 25(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 37(2A): inserted, on 15 March 2021, by section 86(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
43 Part 2 s 38 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 Section 37(6): replaced, on 15 March 2021, by section 86(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 37(7): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).

Section 37(8): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).
Section 37(9)(aaa): inserted, on 15 March 2021, by section 86(4) of the Financial Services Legis‐ lation Amendment Act 2019 (2019 No 8).

Section 37(9)(a): amended, on 1 July 2010, by section 23 of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 37(9)(ca): inserted, on 1 July 2014, by section 25(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 37(9)(cb): inserted, on 1 July 2014, by section 25(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 37(9)(cc): inserted, on 1 July 2014, by section 25(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
38 Disclosure of information and reports (1) A person authorised by the Registrar for the purposes of section 37 who has obtained a document or information in the course of making an inspection under that section or prepared a report in relation to an inspection under that section must, if directed to do so by the Registrar, give the document, informa‐ tion, or report to— (a) (b) (c) (d) the Registrar; or the Minister; or the chief executive; or any person authorised by the Registrar to receive the document, informa‐ tion, or report for the purposes of this Act.
(2) A person authorised by the Registrar for the purposes of section 37 who has obtained a document or information in the course of making an inspection under that section or prepared a report in relation to an inspection under that section must not disclose that document, information, or report, except— (a) (b) (c) (d) in accordance with subsection (1); or subject to the approval of the Registrar, with the consent of the person to whom it relates; or subject to the approval of the Registrar, for the purposes of this Act; or to the extent that the information, or information contained in the docu‐ ment or report, is available under any Act or in a public document.
(3) A person who fails to comply with this section commits an offence and is liable on conviction to a fine not exceeding $10,000.

Compare: 1993 No 105 s 366 Section 38(3): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).
44 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 41 39 Exercise of powers under section 37 not affected by appeal (1) Despite any other provision of any Act or any rule of law, if a person appeals or applies to the High Court in relation to an act or decision of the Registrar or a person authorised by the Registrar under section 37, until a decision on the appeal or application is given,— (a) (b) the Registrar, or that authorised person, may continue to exercise the powers under that section as if no such appeal or application had been made; and no person is excused from fulfilling an obligation under that section by reason of that appeal or application.
(2) (3) Subsection (3) overrides subsection (1).

If the appeal or application is allowed or granted,— (a) (b) the Registrar must ensure that, as soon as is reasonably practicable after the court’s decision is delivered, any copy of a document taken or retained under section 37 is destroyed; and no information acquired under section 37 is admissible in evidence in any proceedings unless the court hearing the proceedings in which it is sought to adduce the evidence is satisfied it was not obtained unfairly.
Compare: 1993 No 105 s 371 Subpart 5—Miscellaneous 40 Offence also committed by director If any financial service provider that is not an individual commits an offence against this Act, every director of the provider who knowingly authorises or knowingly fails to prevent the offence also commits an offence against this Act.
41 (1) Offence to make false or misleading representation Every person commits an offence who, in any document or information required by or for the purposes of this Part or by regulations (whether or not supplied to the Registrar),— (a) makes a representation knowing that it is false or misleading in a mater‐ ial particular; or (b) omits any matter knowing that the omission is false or misleading in a material particular.
(2) A person who is convicted of an offence under subsection (1) is liable on con‐ viction,— (a) in the case of an individual, to imprisonment for a term not exceeding 2 years or to a fine not exceeding $100,000, or to both; or 45 Part 2 s 42 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (b) in the case of a person who is not an individual, to a fine not exceeding $300,000.
Section 41(2): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).
42 Appeals from Registrar’s decisions and FMA directions (1) A person (A) who is not satisfied with any of the following decisions of the Registrar may appeal to the High Court: (a) (b) (c) a decision not to register A as a financial service provider under section 16 or 22C: a decision to deregister A under section 18: a decision of the Registrar or a person authorised by the Registrar under section 37 to require A to do something.
(1AA) This section does not apply to a decision that may be appealed under subpart 9 of Part 8 of the Financial Markets Conduct Act 2013.

(1A) A financial service provider who is not satisfied with any direction given by the FMA under section 15B or 18B may appeal to the High Court.

(2) The time within which an appeal under subsection (1) may be made is 20 working days after the date of notification of the decision or direction, or within any further time that the court allows.
(3) On appeal, the court may do any of the following: (a) (b) (c) confirm, modify, or reverse the decision or direction or any part of it: exercise any of the powers that could have been exercised by the Registrar or the FMA in relation to the matter to which the appeal relates: refer the decision or direction back to the Registrar or the FMA (as the case may be) with directions to reconsider the whole or a specified part of the decision or direction.
Section 42 heading: amended, on 1 July 2014, by section 26(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 42(1): replaced, on 15 March 2021, by section 87 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 42(1AA): inserted, on 15 March 2021, by section 87 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 42(1A): inserted, on 1 July 2014, by section 26(2) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 42(2): amended, on 1 July 2014, by section 26(3) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 42(3)(a): amended, on 1 July 2014, by section 26(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 42(3)(b): amended, on 1 July 2014, by section 26(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

46 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 44 Section 42(3)(c): replaced, on 1 July 2014, by section 26(5) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
43 Decisions or directions continue in effect until appeal 44 (1) Unless the High Court orders otherwise, a decision or direction appealed against under section 42 continues in effect.

Section 43 heading: amended, on 1 July 2014, by section 27(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 43: amended, on 1 July 2014, by section 27(2) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Regulations under Part 1 and this Part The Governor-General may, by Order in Council on the recommendation of the Minister, make regulations for all or any of the following purposes: (aa) (a) declaring a class of contract to be a contract of insurance for the pur‐ poses of this Act: prescribing a financial service for the purposes of section 5(1)(ma) or (n): (aaa) prescribing circumstances for the purposes of section 7A(1)(d): (aab) prescribing a threshold or thresholds for the purposes of section 7A(2)(c) and the circumstances in which that paragraph does not apply: (ab) (ac) (b) exempting any service or person or class of service or persons from the application of this Act, and prescribing the terms and conditions (if any) of the exemption: providing for the circumstances in which section 12A applies and pre‐ scribing terms and conditions for the purposes of that section: specifying information or documents to be included in, or provided with, applications or other documents required under this Act, and requiring documents to be signed by specified persons: (ba) prescribing information to be provided under section 16(1A), the time or times at which that information must be provided, and other matters relating to the manner in which the information is provided: (bb) specifying warnings or other information about, or in connection with, the registration of a financial service provider that must be included in advertising for the service, in information or documents provided to per‐ sons who receive or may receive the service, or otherwise in information or documents of the classes specified in the regulations (for example, a warning that registration does not mean that the provider is subject to active regulation or oversight): (bc) prescribing the circumstances in which the duty referred to in paragraph (bb) applies and the manner in which the duty must be carried out: (bd) providing for matters referred to in section 22D(4): 47 Part 2 s 44 Financial Service Providers (Registration and Dispute Resolution) Act
 2008 Reprinted as at 1 June 2021 (c) prescribing procedures, requirements, and other matters, not inconsistent with this Part or with the purposes described in section 26, relating to the register, including matters that relate to— (i) (ii) (iii) (iv) (v) the operation of the register: the information or documents to be contained in the register: access to the register: search criteria for the register: fees that may be payable in order to search the register: (d) prescribing either of the following types of agency: (i) (ii) an agency that carries out supervisory or enforcement functions relating to money laundering or terrorist financing for the pur‐ poses of section 34; or an overseas agency that is the equivalent of the Registrar or of a body referred to in section 34(4)(a) to (c) for the purposes of sec‐ tion 34: (e) (f) prescribing fees payable to the Registrar in respect of any matter under this Act or the manner in which fees may be calculated: providing for any other matters contemplated by Part 1 or by this Part, necessary for its administration, or necessary for giving it full effect.
(1AA) The Minister must, before making a recommendation under subsection (1)(aaa), be satisfied that the regulations are necessary or desirable— (a) to promote 1 or more of the purposes of this Act as specified in section 2A, 9, or 47; and (b) to protect, or prevent damage to, the integrity or reputation of— (i) New Zealand’s financial markets; or (ii) New Zealand’s law or regulatory arrangements for regulating those markets.
(1A) The Minister must, in relation to a recommendation under subsection (1)(ab),— (a) (b) before making a recommendation, have regard to New Zealand’s obliga‐ tions under the FATF Recommendations; and not make the recommendation unless the Minister is satisfied that the costs of compliance with this Act would be unreasonable or not justified by the benefit of compliance.
Information or documents may be prescribed under subsection (1)(b) or (c)(ii) for either or both of the following purposes (whether or not that information or documentation is collected or contained in the register for the purposes of this Part): (2) 48 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 2 s 44 (a) (b) the purpose of assisting any person in the exercise of the person’s powers or the performance of the person’s functions or duties under this Act or any other relevant legislation: the purpose of assisting a Minister, a department of State, or the Reserve Bank of New Zealand in administering this Act or any other relevant legislation.
(2A) In subsection (2), other relevant legislation means any of the following: (a) (b) (c) any licensing enactment: any financial markets legislation: the Credit Contracts and Consumer Finance Act 2003.

(2B) Subsection (2) does not limit subsection (1)(b) or (c).

(3) The Registrar may refuse to perform a function or exercise a power until a pre‐ scribed fee or levy is paid.
(4) Any Order in Council made under subsection (1)(e) may— (a) (b) prescribe the method of payment of a fee; and authorise the Registrar to refund or waive, in whole or in part and on any prescribed conditions, payment of a fee in relation to any person or class of persons.

(5) Any fee or amount payable to the Registrar is recoverable by the Registrar in any court of competent jurisdiction as a debt due to the Registrar.
Section 44(1): amended, on 1 July 2010, by section 24(1) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 44(1)(aa): inserted, on 1 July 2010, by section 24(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 44(1)(a): amended, on 9 April 2019, by section 88(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 44(1)(aaa): inserted, on 9 April 2019, by section 88(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 44(1)(aab): inserted, on 9 April 2019, by section 88(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 44(1)(ab): inserted, on 1 July 2010, by section 24(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 44(1)(ac): inserted, on 9 April 2019, by section 88(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 44(1)(b): amended, on 9 April 2019, by section 88(4) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 44(1)(ba): inserted, on 9 April 2019, by section 88(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 44(1)(bb): inserted, on 9 April 2019, by section 88(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 44(1)(bc): inserted, on 9 April 2019, by section 88(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
49 Part 2 s 44A Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 Section 44(1)(bd): inserted, on 9 April 2019, by section 88(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 44(1AA): inserted, on 9 April 2019, by section 88(6) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 44(1A): inserted, on 1 July 2010, by section 24(4) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 44(2): replaced, on 9 April 2019, by section 88(7) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 44(2A): inserted, on 9 April 2019, by section 88(7) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 44(2B): inserted, on 9 April 2019, by section 88(7) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 44(3): amended, on 1 July 2010, by section 24(5) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
44A Who financial adviser is treated as engaged by when engaged indirectly (1) For the purposes of this Act, if a person (A) is engaged to give financial advice by a person (B) indirectly through an interposed person (C) (as described in section 431E(b) of the Financial Markets Conduct Act 2013), A must be treated as engaged by— (a) both B and C, if both B and C are required to be registered under this Act for a financial advice service; or (b) B (and not C), in any other case.
(2) In this section, required to be registered means required to be registered— (a) (b) by this Act; or by or under any other enactment (including under a licence condition).

Section 44A: inserted, on 15 March 2021, by section 89 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
44B FMA acts as licensing authority in relation to operators of financial product markets (1) (2) This section applies in relation to a person that operates a financial product market that is licensed under Part 5 of the Financial Markets Conduct Act 2013.

The references to a licensing authority in sections 15 to 22, 27, and 29 must be treated as references to the FMA.

Section 44B: inserted, on 15 March 2021, by section 89 of the Financial Services Legislation Amend‐ ment Act 2019 (2019 No 8).
Review and report on operation of this Part 45 Ministry must review and report on operation of this Part (1) The Ministry must, not later than 5 years after the commencement of this sec‐ tion,— 50 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 48 (a) review the operation of this Part since the commencement of this sec‐ tion; and (b) prepare a report on the review for the Minister.
(2) The report on the review must include recommendations to the Minister on whether any amendments to the Act concerning the matters dealt with in this Part are necessary or desirable.

(3) As soon as practicable after receiving the report, the Minister must present a copy of that report to the House of Representatives.
46 Territorial scope [Repealed] Section 46: repealed, on 1 July 2010, by section 25 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Part 3 Dispute resolution 47 Purpose of this Part The purpose of this Part is to promote confidence in financial service providers by improving consumers’ access to redress from providers through schemes to resolve disputes.
The schemes are intended to be accessible, independent, fair, accountable, efficient, and effective.

Subpart 1—Financial service provider must be member of dispute resolution scheme 48 (1) Financial service provider must be member of dispute resolution scheme 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) (b) 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 a financial service provider in relation to the financial service of operat‐ ing 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 particu‐ lar financial service or class of financial service) if it is exempted from 51 Part 3 s 48A Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 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 (Regis‐ tration 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 (Regis‐ tration 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 (Regis‐ tration 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).
48A When financial adviser is exempt from being member (1) An individual who is registered under section 22C (A) and who is engaged by a financial advice provider (B) to give regulated financial advice on B’s behalf is exempt from the obligation under section 48 to be a member of an approved dispute resolution scheme if B is a member of an approved dispute resolution scheme.
(2) The exemption applies to the extent that A’s obligation to be a member of an approved dispute resolution scheme arises only because of the regulated finan‐ cial advice given by A on B’s behalf (or on behalf of any other financial advice provider that is a member of an approved dispute resolution scheme).

Section 48A: inserted, on 15 March 2021, by section 91 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
49 Who are retail clients (1) A retail client is any person who receives a financial service who is not a wholesale client.
(2) The following persons who receive a financial service are wholesale clients in respect of that financial service: (a) (b) (c) (d) (e) a person who is in the business of providing any financial service and receives the financial service in the course of that business: [Repealed] [Repealed] [Repealed] a person who is a wholesale investor (within the meaning of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013, except that the relevant time for the purpose of applying that schedule under this paragraph must be treated as the time immediately before the service is received by the client): (f) a person who is, in relation to an offer of financial products, a wholesale investor (within the meaning of clause 3 of Schedule 1 of the Financial 52 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 49 (fa) (fb) (g) (h) Markets Conduct Act 2013), if the service relates to that offer or to financial products that have been acquired by that person under that offer: a person who is, in relation to an offer of financial products, a close busi‐ ness associate of the offeror (within the meaning of clause 4 of Schedule 1 of the Financial Markets Conduct Act 2013), if the service relates to that offer or to financial products that have been acquired by that person under that offer: a person who is, in relation to an offer of financial products, a relative of the offeror or of a director of the offeror (within the meaning of clause 5 of Schedule 1 of
 the Financial Markets Conduct Act 2013), if the service relates to that offer or to financial products that have been acquired by that person under that offer: an eligible investor under section 49A: if the financial service is a financial advice service or a regulated client money or property service, a person who is a wholesale client in respect of that service under clause 4 of Schedule 5 of the Financial Markets Conduct Act 2013.
(3) If subsection (2) applies to a person (A), it applies equally to any controlling owner, director, employee, agent, or other person acting in the course of, and for the purposes of, A’s business to the same extent as it applies to A.
(4) In this section,— entity— (a) includes a body corporate and an unincorporated body (including part‐ ners in a partnership, members of a joint venture, or the trustees of a trust) and the sole trustee of a trust acting in his, her, or its capacity as trustee of that trust; but (b) does not include an individual.

Section 49: replaced, on 1 July 2010, by section 27 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 49(2)(b): repealed, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 49(2)(c): repealed, on 15 March 2021, by section 92(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 49(2)(d): repealed, on 15 March 2021, by section 92(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 49(2)(e): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 49(2)(f): replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 49(2)(fa): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
53 Part 3 s 49A Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 Section 49(2)(fb): inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 49(2)(h): replaced, on 15 March 2021, by section 92(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Section 49(4) private offer of securities: repealed, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
49A Who are eligible investors (1) A client is an eligible investor if— (a) (b) (c) the client certifies in writing that the client understands that, as a conse‐ quence of certifying himself, herself, or itself to be an eligible investor, the financial service provider may not be a member of an approved dis‐ pute resolution scheme; and the client states the reasons for this certification; and a financial service provider signs a written acceptance of the certification in accordance with section 49B.
(2) A certification may be specific to a particular service or class of services or may be general (but is effective only in relation to services provided after all of the requirements of subsection (1)(a) to (c) are met).

Section 49A: inserted, on 1 July 2010, by section 27 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
49B Acceptance of certification (1) A financial service provider must not accept a certification unless he, she, or it, having considered the client’s reasons for the certification,— (a) (b) is satisfied that the client has been sufficiently advised of the consequen‐ ces of the certification; and has no reason to believe that the certification is incorrect or that further information or investigation is required as to whether or not the certifica‐ tion is correct.
(2) The person who accepts the certification of a client may be the person provid‐ ing the financial services to the client (but does not need to be).

(3) A financial service provider who accepts a certification without having com‐ plied with subsection (1) contravenes a wholesale certification requirement.

(4) Contravention of this section may give rise to a pecuniary penalty order or compensatory order (see sections 79A and 79B).
Section 49B: inserted, on 1 July 2010, by section 27 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

49C Revocation of certification (1) A client who is an eligible investor may revoke a certification, in relation to a financial service provider to whom the certification has been given, by giving the financial service provider a signed notification to that effect.
54 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 49F (2) A revocation is effective only in relation to services provided after it is given.

Section 49C: inserted, on 1 July 2010, by section 27 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
49D How to opt out of being wholesale client (1) A person may opt out of being a wholesale client, in relation to a financial ser‐ vice provider, by giving the financial service provider a signed notification to that effect.

(2) A notification may be specific to a particular service, or class of services, or may be general for all services provided by the financial service provider to whom it is given.

(3) A person may vary or revoke a notification in the same way as the notification may be given.
(4) A notification (or variation or revocation of a notification) under this section is effective only in relation to services provided after it is given.

(5) This section does not apply if a person is a wholesale client by reason of being an eligible investor.

Section 49D: inserted, on 1 July 2010, by section 27 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
49E Giving revocation of certification or notification of opt out (1) A revocation of a certification under section 49C or a notification under section 49D is sufficiently given to a financial service provider if— (a) (b) (c) it is provided to the financial service provider; or delivered or posted to the financial service provider at the person’s busi‐ ness address stated on the register or (if not registered) the person’s last known place of business in New Zealand; or sent by fax or email to the person’s fax number or email address stated on the register.
(2) The revocation or notification is treated as received by the person no later than 7 days after it is posted or 2 days after it is faxed or emailed, unless the person to whom it is posted or sent proves that it was not received (otherwise than through fault on the person’s part).

Section 49E: inserted, on 1 July 2010, by section 27 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
49F Members of dispute resolution scheme must comply with rules and binding resolutions (1) A member of an approved dispute resolution scheme must comply with the rules of the scheme.
55 Part 3 s 49G Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (2) On the application of the person responsible for the scheme, the District Court may make an order requiring a member of the scheme to do either or both of the following: (3) (4) (a) (b) comply with the rules of the scheme: comply with a resolution of a complaint that constitutes a binding reso‐ lution under those rules (a binding settlement).
If the District Court is satisfied that the terms of a binding settlement of a com‐ plaint are manifestly unreasonable, the court’s order under subsection (2) may modify the terms of the binding settlement.

If an order requiring a member to comply with a binding settlement includes a requirement that the member pay an amount of money to a person, that order (or part of the order) may be enforced as if it were a judgment by the District Court for the payment of a sum of money.
Section 49F: inserted, on 1 July 2010, by section 27 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 49F(1): amended, on 1 July 2014, by section 29 of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 49F(2): amended, on 1 March 2017, by section 261 of the District Court Act 2016 (2016 No 49).
Section 49F(3): amended, on 1 March 2017, by section 261 of the District Court Act 2016 (2016 No 49).

Section 49F(4): amended, on 1 March 2017, by section 261 of the District Court Act 2016 (2016 No 49).
49G Offence to fail to comply with District Court order (1) A member of an approved dispute resolution scheme who, knowing that the member is subject to an order made under section 49F, fails to comply with the order, or fails to comply with the order within the time or in the manner required by the order, commits an offence and is liable on conviction to a fine not exceeding $200,000.

(2) Nothing in this section applies to an order or part of an order of the District Court referred to in section 49F(4).
Section 49G: inserted, on 1 July 2010, by section 27 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 49G(1): amended, on 1 July 2014, by section 30 of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 49G(1): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).
Section 49G(2): amended, on 1 March 2017, by section 261 of the District Court Act 2016 (2016 No 49).

56 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 52 Subpart 2—Approval of dispute resolution schemes 50 Meaning of approved dispute resolution scheme (1) A dispute resolution scheme is an approved dispute resolution scheme if it has been approved by the Minister in accordance with this Part and that appro‐ val has not been withdrawn.
(2) If an interim dispute resolution scheme is appointed under section 79AA, refer‐ ences in this Act to an approved dispute resolution scheme are to be read as including references to the interim dispute resolution scheme.

(3) However, nothing in sections 51 to 61 applies in relation to the interim dispute resolution scheme.

Section 50(2): inserted, on 1 July 2014, by section 31 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 50(3): inserted, on 1 July 2014, by section 31 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Approval of dispute resolution schemes 51 (1) Application for approval The person responsible for a dispute resolution scheme may apply to the Minis‐ ter for approval of the scheme.
(2) The applicant must submit the following with the application: (a) (b) the rules about the scheme: any other information that is prescribed concerning the considerations outlined in section 52: (c) the prescribed fee (if any).

(3) The Minister may request the applicant to supply further information or docu‐ mentation relating to the matters referred to in subsection (2)(a) or (b).
52 Mandatory considerations for approval (1) When considering an application under section 51, the Minister must have regard to the following considerations in light of the principles listed in subsec‐ tion (2): (a) whether the scheme has an appropriate purpose: (b) whether the applicant has undertaken reasonable consultation on the scheme with members or potential members of the scheme, and persons (or their representatives) likely to be substantially affected by the scheme: (c) whether the applicant has adequate funding to enable it to operate the scheme according to the scheme’s purpose and in accordance with the rules about the scheme: 57 Part 3 s 53 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (d) whether the applicant’s directors and senior managers are competent to manage a dispute resolution scheme: (da) whether the scheme will accept all types of financial service providers as members and, if not, whether there are other approved dispute resolution schemes that cover all types of financial service providers: (e) (f) whether the scheme is capable of resolving disputes about the types of financial services provided by the members or potential members of the scheme: the amounts of money that complaints lodged with the scheme may be about, and whether those amounts are reasonable and appropriate: (g) whether the rules about the scheme are adequate and comply with— (i) (ii) the principles listed in subsection (2); and the requirements of section 63: (h) (i) (j) (k) the number of currently approved dispute resolution schemes: the types of financial service providers that may be members of cur‐ rently approved dispute resolution schemes: the proposed size of the scheme: the types of financial service providers that may be potential members of the scheme: (l) any other applications for approval that have been made.
(2) The principles are— (a) (b) (c) (d) (e) (f) accessibility: independence: fairness: accountability: efficiency: effectiveness.

Section 52(1)(da): inserted, on 1 July 2014, by section 32 of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

53 Minister must decide application for approval The Minister must decide an application under section 51 by approving it or by rejecting it.
The Minister may only make a decision under subsection (1) after consultation with— (a) (b) the Minister of Finance; and the Minister of Commerce.
(1) (2) 58 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 56 54 Notification and publication of decision The Minister must, as soon as practicable after deciding the application,— (a) (b) notify the applicant of the decision; and if the decision is to approve the application, ensure that— (i) (ii) the approval is published in the Gazette; and the chief executive updates the details described in section 78(2).
55 Reapplication by unsuccessful applicant An applicant whose application has been rejected may at any time reapply under section 51.
Withdrawal of approval 56 Withdrawal of approval (1) The Minister may withdraw the approval of an approved dispute resolution scheme after a notice period in accordance with sections 57 and 58 for any or all of the following reasons: (a) (b) (ba) (c) (d) (e) (f) (g) (h) there has been a breach of a prescribed requirement: there has been a failure to comply with the rules about the scheme: the rules about the scheme do not, or no longer, comply with the require‐ ments of section 63: the person responsible for the scheme has not maintained or published a list of current members as required by section 62: the person responsible for the scheme has not published the rules as required by section 64: the person responsible for the scheme has not supplied the Minister with any of the following: (i) (ii) (iii) an annual report as required by section 68: any further information requested by the Minister under section 69: an independent review as required by the rule described in section 63(1)(q): the person responsible for the scheme has not notified the Minister in accordance with section 65 before changing the rules about the scheme: the person responsible for the scheme has not complied with section 67: the scheme no longer satisfies the principles in section 52(2).
(2) When considering whether to withdraw an approval, the Minister must have regard to the considerations referred to in section 52(1)(a) to (g) in light of the principles listed in section 52(2).

59 Part 3 s 57 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (3) The Minister must withdraw the approval of an approved dispute resolution scheme if the person responsible for the scheme so requests, with effect from any future date requested.
(3A) However, despite subsection (3), the Minister is not required to withdraw approval unless the person responsible for the scheme has, at the time of the request,— (a) given the Minister— (i) 3 months’ notice of the date on which the proposed withdrawal of approval is to take place; or (ii) any lesser notice period agreed to by the Minister; and (b) informed the Minister of adequate arrangements that it has made, or will make, to facilitate the transfer of members of the existing scheme to another approved dispute resolution scheme or schemes.
(4) For the purposes of this section and sections 57 and 58, notice period means 20 working days from the date of the Minister’s notification under section 57(1).

Section 56(1)(ba): inserted, on 1 July 2014, by section 33(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 56(1)(e)(iii): amended, on 1 July 2014, by section 33(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 56(3A): inserted, on 1 July 2014, by section 33(3) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

57 (1) Notice of intention to withdraw approval The Minister must notify the person responsible for the approved dispute reso‐ lution scheme of the Minister’s intention to withdraw the scheme’s approval under section 56(1).
(2) The Minister’s notice must set out— (a) (b) (c) that the Minister intends to withdraw the scheme’s approval for any or all of the grounds described in section 56(1) (stating which apply); and the reasons why the Minister considers any or all of the grounds described in section 56(1) apply; and that there is a notice period before the withdrawal of the scheme’s appro‐ val during which the person responsible for the scheme may object, under section 58, to the intended withdrawal.
(3) The Minister’s notice may require the person responsible for the scheme to— (a) (b) notify all members of the Minister’s intention to withdraw the scheme’s approval; or provide the Minister with a list of the names and business addresses of current members so that the Minister can, if the Minister wishes, notify 60 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 60 all members of the Minister’s intention to withdraw the scheme’s appro‐ val.
(4) The Minister’s notice may also require the person responsible for the scheme to do 1 or more of the following: (a) notify members of the scheme of adequate arrangements that have been, or will be, made to facilitate the transfer of members of the scheme to another approved dispute resolution scheme or schemes: (b) make clear to those members that those members may— (i) apply to join another approved dispute resolution scheme or schemes in accordance with those arrangements; or (ii) apply to join any other approved dispute resolution scheme: (c) remind each of its members of the member’s obligation— (i) (ii) to continue to be a member of an approved dispute resolution scheme, as required by section 48; and to notify the Registrar that the member has transferred to another approved dispute resolution scheme, and details of that scheme, as required by section 17.
Section 57(4): inserted, on 1 July 2014, by section 34 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

58 Objection to intended withdrawal of approval (1) During the notice period, the person responsible for an approved dispute reso‐ lution scheme— (a) may object (with reasons) to the intended withdrawal of the scheme’s approval under section 56(1); and (b) must not accept any new members.
(2) If the Minister has received an objection under subsection (1) within the notice period, the Minister must consider it and must not proceed with a withdrawal under section 56(1) unless the Minister is satisfied that any or all of the reasons set out in section 56(1) apply.
59 Approval is withdrawn from date person responsible for scheme is notified If the Minister withdraws a scheme’s approval, the scheme’s approval is with‐ drawn from the date the person responsible for the scheme is notified under section 60(a).
60 Notification and publication of withdrawal of approval The Minister must, as soon as practicable after withdrawing the approval of a dispute resolution scheme,— (a) (b) notify the person responsible for the scheme; and notify the Registrar; and 61 Part 3 s 61 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (c) (d) ensure the withdrawal is published in the Gazette; and ensure the chief executive updates the details described in section 78(2).
61 Effect of withdrawal of approval on members of dispute resolution scheme When a dispute resolution scheme’s approval is withdrawn, each member of the scheme— (a) ceases to be a member of that scheme; and (b) must ensure that— (i) (ii) the member’s obligations under section 17 are complied with; and the member continues to comply with section 48.

Section 61: replaced, on 1 July 2014, by section 35 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
List of members of approved dispute resolution scheme 62 List of members The person responsible for an approved dispute resolution scheme must main‐ tain a list of the scheme’s current members and must publish this list on an Internet site that is publicly available (at all reasonable times).
Rules about approved dispute resolution scheme Rules about approved dispute resolution scheme The person responsible for an approved dispute resolution scheme must issue rules about that scheme, and those rules must provide for, or set out, the fol‐ lowing: (a) (aa) (b) (ba) which types of financial service providers may be members of the scheme: that the types of financial service providers referred to in paragraph (a) must be accepted as members of the scheme, unless— (i) (ii) refused membership for a reason set out in paragraph (ba); or a provider is not eligible for registration under this Act: how financial service providers become members of the scheme and how membership is terminated: that membership may be refused or terminated because of an applicant’s, or a member’s,— (i) (ii) material or persistent breach of a scheme’s rules: failure to take remedial action imposed on that provider by a scheme (whether or not that scheme still exists): (iii) failure to pay a scheme’s membership fee: 63 (1) 62 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 63 (iv) failure to continue to be a type of financial service provider that may be a member of the scheme: that consumers and businesses that have no more than 19 full-time equivalent employees may make complaints for resolution by the scheme: how complaints about a member may be made for resolution by the scheme: a period after which the scheme, if asked by a complainant, must investi‐ gate a complaint that has been made directly to a member: that complaints about members must be investigated in a way that is consistent with the rules of natural justice: (c) (d) (e) (f) (g) that the scheme has jurisdiction in respect of— (i) (ii) (iii) a breach of contract, a statutory obligation, or an industry code; and any other prescribed matters; and any other matter provided for in the rules: that any information may be considered in relation to a complaint and any inquiry made that is fair and reasonable in the
 circumstances: the remedial action that the scheme can impose on a member to resolve a complaint (for example, a requirement to change systems or to compen‐ sate a complainant up to a certain amount stated in the rules): how remedial action may be enforced against the scheme’s members, including after members have left the scheme: [Repealed] that the scheme will not charge a fee to any complainant to investigate or resolve a complaint: (h) (i) (j) (k) (l) (m) that a resolution of a complaint about a member of the scheme is binding on the member concerned: (n) (o) (p) (q) (r) that a resolution of a complaint about a member of the scheme is binding on the complainant concerned, if the complainant accepts the resolution: that the complainant may take alternative court action against the mem‐ ber at any time, including if the complainant rejects the resolution: that the scheme may cease investigating and resolving a complaint if the complainant takes alternative court action against the member: that an independent review of the scheme must occur at least once every 5 years after the date of the scheme’s approval and must be supplied to the Minister within 3 months of completion: that the person responsible for the scheme and the scheme’s members must inform the people referred to in paragraph (c) about the scheme: 63 Part 3 s 64 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (s) any other prescribed matters.
(2) (3) The compensation referred to in subsection (1)(i) that the scheme can impose on a member must be able to include, in the case of a complaint relating to a repossession under Part 3A of the Credit Contracts and Consumer Finance Act 2003, compensation for non-financial loss, stress, humiliation, and inconven‐ ience up to a certain amount stated in the rules.
The rules about an approved dispute resolution scheme must be treated as con‐ taining any provision that is implied into those rules by regulations made under this Act.

(4) A rule about an approved dispute resolution scheme has no effect to the extent that it is inconsistent with any provision implied into the rules by those regula‐ tions.

Section 63(1)(a): amended, on 1 July 2014, by section 36(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 63(1)(aa): inserted, on 1 July 2014, by section 36(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 63(1)(ba): inserted, on 1 July 2014, by section 36(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 63(1)(g): replaced, on 1 July 2014, by section 36(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 63(1)(k): repealed, on 1 July 2014, by section 36(5) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 63(1)(s): inserted, on 1 July 2014, by section 36(6) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 63(2): inserted, on 1 July 2014, by section 36(7) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 63(3): inserted, on 1 July 2014, by section 36(7) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 63(4): inserted, on 1 July 2014, by section 36(7) of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).
64 Obligation to publish rules The person responsible for an approved dispute resolution scheme must make copies of the rules about the scheme available for inspection by the public, free of charge,— (a) (b) at the scheme’s head office (during ordinary office hours); and on an Internet site in an electronic form that is publicly available (at all reasonable times).
65 Duty to notify change to rules The person responsible for an approved dispute resolution scheme must notify the Minister if the person wishes to change the rules about the scheme.
64 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 67 66 Minister’s consideration of change of rules (1) After receiving a notification under section 65, the Minister must notify the person responsible for a scheme that the Minister— (a) (b) approves the change; or considers the proposed change is not adequate and does not comply with— (i) (ii) the principles listed in section 52(2); and the requirements of section 63.
(2) (3) If subsection (1)(b) applies, the rule change must not be made.
The Minister must comply with subsection (1) within 45 working days of the notification of the change of rules unless the Minister, within those 45 working days,— (a) (b) requests further information from the person responsible for the scheme (in which case, the Minister must comply with subsection (1) within 45 working days after receipt of that further information); or advises the person responsible for the scheme that a period of more than 45 working days is required to consider the change (in which case, the Minister must specify the time within which he or she will comply with subsection (1)).
Section 66(1): amended, on 1 July 2014, by section 37(1) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 66(3): replaced, on 1 July 2014, by section 37(2) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
67 (1) Duty to co-operate and communicate information in certain circumstances The person responsible for an approved dispute resolution scheme (A) must— (a) (b) (c) co-operate with other approved dispute resolution schemes if a com‐ plaint involves members of those other schemes (for example, by dis‐ closing personal information in accordance with the Privacy Act 1993 and protecting information that is subject to an obligation of confi‐ dence); and co-operate with the Registrar, including by communicating information to the Registrar in accordance with sections 17 and 34; and if A has reasonable grounds to believe that a member that is a registered bank, a licensed insurer, or a licensed NBDT has contravened or is likely to contravene any of the following Acts in a material respect, communi‐ cate that fact to the Reserve Bank: (i) (ii) the Reserve Bank of New Zealand Act 1989: the Insurance (Prudential Supervision) Act 2010: (iii) the Non-bank Deposit Takers Act 2013; and 65 Part 3 s 68 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (d) (e) (f) if A has reasonable grounds to believe that a member that is a financial markets participant has contravened or is likely to contravene any finan‐ cial markets legislation in a material respect, communicate that fact to the FMA; and if A has reasonable grounds to believe that a member that is a creditor under a consumer credit contract has contravened or is likely to contra‐ vene the Credit Contracts and Consumer Finance Act 2003 in a material respect, communicate that fact to the Commerce Commission; and otherwise provide information to a prescribed person in the prescribed manner if required to do so by regulations made under this Act.
(2) In this section,— consumer credit contract— (a) has the same meaning as in section 11 of the Credit Contracts and Con‐ sumer Finance Act 2003; and (b) includes a credit contract to which Part 3A of that Act applies financial markets participant has the same meaning as in section 4 of the Financial Markets Authority Act 2011.

Section 67: replaced, on 15 March 2021, by section 93 of the Financial Services Legislation Amend‐ ment Act 2019 (2019 No 8).
Annual reports and information requests by Minister 68 Annual report The person responsible for an approved dispute resolution scheme must supply to the Minister, within 3 months after the end of the financial year applying to the scheme, an annual report containing prescribed information about the scheme in relation to that financial year.
69 (1) Person responsible for approved dispute resolution scheme must supply further information on Minister’s request The person responsible for an approved dispute resolution scheme must supply to the Minister— (a) (b) any further information requested by the Minister about the information that is required by regulations to be in an annual report; and any information requested by the Minister about the scheme’s compli‐ ance with the principles listed in section 52(2).
(2) In supplying the information to the Minister, the person must disclose personal information in accordance with the Privacy Act 2020 and protect information that is subject to an obligation of confidentiality.

Section 69(2): amended, on 1 December 2020, by section 217 of the Privacy Act 2020 (2020 No 31).
66 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 74 70 Annual report and information requested by Minister to be publicly available The person responsible for an approved dispute resolution scheme must make copies of its annual report available for inspection by the public, free of charge,— (a) (b) at the scheme’s head office (during ordinary office hours); and on an Internet site in an electronic form that is publicly available (at all reasonable times).
Subpart 3—Reserve scheme [Repealed] Subpart 3: repealed, on 1 July 2014, by section 39 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

71 Reserve scheme [Repealed] Section 71: repealed, on 1 July 2014, by section 39 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Appointment of reserve scheme [Repealed] Heading: repealed, on 1 July 2014, by section 39 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

72 Appointment of reserve scheme [Repealed] Section 72: repealed, on 1 July 2014, by section 39 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
72A Reserve scheme: rules about fees and charges [Repealed] Section 72A: repealed, on 1 July 2014, by section 39 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

73 Revocation of appointment as reserve scheme [Repealed] Section 73: repealed, on 1 July 2014, by section 39 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
74 Notice of intention to recommend revocation of appointment as reserve scheme under section 73(2)(a) or (b) [Repealed] Section 74: repealed, on 1 July 2014, by section 39 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
67 Part 3 s 75 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 75 Objection to intended recommendation for revocation [Repealed] Section 75: repealed, on 1 July 2014, by section 39 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
76 Duty to co-operate and communicate information in certain circumstances [Repealed] Section 76: repealed, on 1 July 2014, by section 39 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Levy to fund reserve scheme [Repealed] Heading: repealed, on 1 July 2010, by section 33 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
77 Levy to fund reserve scheme [Repealed] Section 77: repealed, on 1 July 2010, by section 33 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Subpart 4—Miscellaneous Publication of details relating to approved dispute resolution schemes Heading: amended, on 1 July 2014, by section 40 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
78 (1) Publication of details relating to approved dispute resolution schemes The chief executive— (a) must ensure that the names of approved dispute resolution schemes and the name and business address of the person responsible for each scheme are available for inspection by the public, free of charge, at the head office of the Ministry (during ordinary office hours), and on an Internet site that is publicly available (at all reasonable times): (b) may make copies of the details available in any other way that the chief executive considers appropriate in the circumstances.
(2) [Repealed] Section 78 heading: amended, on 1 July 2014, by section 41(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 78(1)(a): replaced, on 1 July 2014, by section 41(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 78(2): repealed, on 1 July 2014, by section 41(3) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

68 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 79 Levy [Repealed] Heading: repealed, on 1 July 2014, by section 42 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
78A Levy [Repealed] 79 (1) Section 78A: repealed, on 1 July 2014, by section 42 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Regulations under this Part Regulations under this Part The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations for all or any of the following purposes: (a) exempting any person or class of persons from the obligation to be a member of an approved dispute resolution scheme and prescribing the terms and conditions (if any) of the exemption: (aa) providing rules for an interim dispute resolution scheme: (b) (c) prescribing the information or documents to be supplied to the Minister as part of an application under this Part: prescribing processes for applications for the approval of dispute reso‐ lution schemes: (ca) prescribing matters for the purposes of section 63(1)(g)(ii) and (s): (cb) prescribing provisions to be implied into rules about approved dispute resolution schemes: (d) prescribing rules for a class of approved dispute resolution scheme or for all approved dispute resolution schemes in the event that approval of those schemes is withdrawn: (da) prescribing matters for the purposes of section 67(1)(f), including the circumstances in which information must be provided under that para‐ graph, the information that must be provided, and to whom and the man‐ ner in which it must be provided: (e) prescribing the information that must be included in every annual report supplied in accordance with section 68, which must include— (i) (ii) information about any independent review that occurred within the previous 12 months; and information about a scheme’s operation (including complaints received): (f) prescribing fees payable in respect of any matter under this Part or the manner in which fees may be calculated: 69 Part 3 s 79 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 (g) providing for any other matters contemplated by this Part, necessary for its administration, or necessary for giving it full effect.
(1A) The Minister must not recommend the making of regulations under subsection (1)(a), unless the Minister is satisfied that— (a) (b) the exemption is consistent with the purposes of this Act; and the costs of compliance with the obligation would be unreasonable or not justified by the benefits of compliance.
(1B) The Minister must not recommend the making of regulations under subsection (1)(aa) unless the Minister— (a) is satisfied that— (i) (ii) (iii) (iv) members of a scheme that has ceased, or will cease, to be an approved dispute resolution scheme would be, or are, unable to reasonably become members of another approved dispute reso‐ lution scheme; and the interim dispute resolution scheme will be consistent with the purpose of this Part (see section 47); and the interim dispute resolution scheme will be capable of providing a scheme for the purpose of this Part; and the rules of the interim dispute resolution scheme will comply with section 63; and (b) has consulted the FMA and any other persons that the Minister considers are likely to be substantially affected by the establishment of an interim dispute resolution scheme.
(1C) The Minister must not recommend the making of regulations under subsection (1)(ca) or (cb) unless the Minister has consulted the FMA and any other per‐ sons that the Minister considers are likely to be substantially affected by the regulations.

(1D) However, a failure to consult with the persons referred to in subsection (1B)(b) or (1C) does not affect the validity of the regulations.

(2) The Minister may refuse to make a decision under this Part until the prescribed fee is paid.
(3) Any Order in Council made under subsection (1) may— (a) (b) prescribe the method of payment of a fee; and authorise the Minister to refund or waive, in whole or in part and on any prescribed conditions, payment of a fee in relation to any person or class of persons.

(4) Any fee or amount payable under this Part is recoverable in any court of com‐ petent jurisdiction as a debt due to the Crown.
70 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 79A Section 79(1): amended, on 1 July 2010, by section 35(1) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Section 79(1)(a): replaced, on 1 July 2010, by section 35(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 79(1)(a): amended, on 7 June 2014, by section 43(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 79(1)(aa): inserted, on 7 June 2014, by section 43(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 79(1)(ca): inserted, on 7 June 2014, by section 43(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Section 79(1)(cb): inserted, on 7 June 2014, by section 43(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 79(1)(da): inserted, on 9 April 2019, by section 94 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Section 79(1A): inserted, on 1 July 2010, by section 35(3) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 79(1B): inserted, on 7 June 2014, by section 43(4) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 79(1C): inserted, on 7 June 2014, by section 43(4) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 79(1D): inserted, on 7 June 2014, by section 43(4) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
79AA Appointment of interim dispute resolution scheme (1) The Governor-General may, by Order in Council made on the recommendation of the Minister,— (a) appoint a dispute resolution scheme to fulfil the functions of the interim dispute resolution scheme (with or without conditions) for a term recom‐ mended by the Minister: (b) revoke an appointment made under paragraph (a).
(2) (3) The Minister may recommend an Order in Council for the purpose described in subsection (1)(a) only after complying with section 79(1B).

The Minister may recommend an Order in Council for the purpose described in subsection (1)(b) if the Minister is satisfied that the scheme is no longer required.

Section 79AA: inserted, on 1 July 2014, by section 44 of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).
Pecuniary and compensatory orders for contravening wholesale certification requirement Heading: inserted, on 1 July 2010, by section 36 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
79A Pecuniary order for contravening wholesale certification requirement (1) The High Court may, on application by the FMA, order a person to pay a pecu‐ niary penalty to the Crown if the court is satisfied that the person has, without 71 Part 3 s 79B Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 reasonable excuse, contravened a wholesale certification requirement under section 49B.
The amount of the pecuniary penalty must not, in respect of each act or omis‐ sion, exceed $100,000 in the case of an individual or $300,000 in the case of an entity.
In setting the amount of the pecuniary penalty, the court must take into account all of the following matters: (2) (3) (a) (b) (c) the nature and extent of the contravention: the nature and extent of any loss or damage suffered by a person as a result of the contravention, including the effect on a person of the loss of the opportunity to make a complaint to an approved dispute resolution scheme: the circumstances in which the contravention took place (including whether the contravention was intentional, inadvertent, or caused by negligence): (d) whether the person has previously been found by the court in proceed‐ ings under this Act to have engaged in similar conduct.
(4) A financial service provider may not be liable to more than 1 pecuniary penalty in respect of the same conduct.

(5) Proceedings under this section may be commenced at any time within 3 years after the contravention occurred.

Section 79A: inserted, on 1 July 2010, by section 36 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 79A(1): amended, on 1 July 2014, by section 45(1) of the Financial Service Providers (Regis‐ tration and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Section 79A(3)(b): amended, on 1 July 2014, by section 45(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
79B Compensation for contravention of wholesale certification requirement (1) If the court orders a person to pay a pecuniary penalty under section 79A in respect of the contravention of a wholesale certification requirement, the court may, in addition, order a person to pay compensation to any person who has suffered, or is likely to suffer, loss or damage as a result of the contravention (the aggrieved person).
(2) An application for orders under this section may be made by the FMA or any aggrieved person.

The application must be made within 1 year of the date of the pecuniary pen‐ alty order.

The court may make an order under this section whether or not any aggrieved person is a party to the proceedings.
(3) (4) 72 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Part 3 s 81 (5) In proceedings under this section, the court may make such orders as it thinks fit.

Section 79B: inserted, on 1 July 2010, by section 36 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
Section 79B(2): amended, on 1 July 2014, by section 46 of the Financial Service Providers (Registra‐ tion and Dispute Resolution) Amendment Act 2014 (2014 No 34).

Review and report on operation of this Part 80 Ministry must review and report on operation of this Part (1) The Ministry must, not later than 5 years after the commencement of this sec‐ tion,— (a) review the operation of this Part since the commencement of this sec‐ tion; and (b) prepare a report on the review for the Minister.
(2) The report on the review must include recommendations to the Minister on whether any amendments to the Act concerning the matters dealt with in this Part are necessary or desirable.

(3) As soon as practicable after receiving the report, the Minister must present a copy of that report to the House of Representatives.

Consequential amendment 81 Consequential amendment The enactment specified in Schedule 1 is amended in the manner indicated in that schedule.
73 Schedule 1AA Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 Schedule 1AA Transitional, savings, and related provisions Schedule 1AA: inserted, on 26 November 2019, by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
s 8A Part 1 Provisions relating to Financial Services Legislation Amendment Act 2019 Schedule 1AA Part 1: inserted, on 26 November 2019, by section 95 of the Financial Services Legis‐ lation Amendment Act 2019 (2019 No 8).
1 (1) Change of financial service descriptions does not result in breach This clause applies if, immediately before the commencement of section 63 of the Financial Services Legislation Amendment Act 2019 (which amends sec‐ tion 5),— (a) (b) (c) a person is in the business of providing a financial service; and the person is registered under Part 2 of this Act for that service; and the description of that service is amended, repealed, or replaced by that section.
(2) Despite the change referred to in subclause (1)(c), the person does not breach section 11, 12, or 17 because of that change (and, for that purpose, the person may continue to rely on section 5 as in force before the commencement of sec‐ tion 63 of the Financial Services Legislation Amendment Act 2019).

(3) This clause ceases to apply at the close of the date that is 3 months after the date on which section 63 of the Financial Services Legislation Amendment Act 2019 comes into force.
Schedule 1AA clause 1: inserted, on 26 November 2019, by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

2 Certain persons not required to be registered merely because of new application provisions (1) This clause applies to a person (A) if,— (a) immediately before the commencement of section 7A, this Act does not apply to A; but (b) this Act applies to A on that commencement.
(2) A is not required to be registered under this Act, or to be a member of an approved dispute resolution scheme, if A would not have been so required before the commencement of section 7A.
74 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Schedule 1AA (3) This clause ceases to apply at the close of a date appointed by the Governor- General by an Order in Council (which must be a date at least 6 months after the date on which section 7A comes into force).

Schedule 1AA clause 2: inserted, on 26 November 2019, by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
3 Person may apply for registration for financial advice service before commencement (1) A person may— (a) (b) (c) apply to be registered under Part 2 of this Act for a service referred to in section 5(1)(a) (as replaced by section 63 of the Financial Services Legislation Amendment Act 2019) before the commencement of that section 63; and apply to be registered under section 22C (as inserted by section 81 of the Financial Services Legislation Amendment Act 2019) before the com‐ mencement of that section 81; and notify, under section 17, changes relating to a financial service provider that are connected with section 5(1)(a) or 22C being replaced or inserted by section 63 or 81 of the Financial Services Legislation Amendment Act 2019, before those provisions come into force.
(2) For the purposes of dealing with the application or notification, sections 63 and 81 of the Financial Services Legislation Amendment Act 2019, and any other provisions of that Act that are relevant to the matter that are not yet in force, must be treated as if they were in force.

(3) However, a registration or change in registration under this clause does not take effect before the commencement of section 63 or 81 of the Financial Services Legislation Amendment Act 2019 (as the case may be).
Schedule 1AA clause 3 (except for subclause (1)(b) and (c)): inserted, on 26 November 2019, by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Schedule 1AA clause 3(1)(b): inserted, on 15 March 2021, by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

Schedule 1AA clause 3(1)(c): inserted, on 15 March 2021, by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
75 Schedule 1 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 Schedule 1 Consequential amendment s 81 Privacy Act 1993 (1993 No 28) Part 1 of Schedule 2: insert the following item in its appropriate alphabetical order: Financial Service Providers (Registration and Dispute Resolution) Act 2008 Section 24 76 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Schedule 2 Schedule 2 Licensing authorities and licensed providers s 4 This schedule identifies— (a) (b) (c) bodies or persons who are licensing authorities; and persons that are licensed providers; and the enactments that require the relevant financial service to be provided only by a person who is licensed, registered, authorised, or otherwise approved by that licensing authority.
Licensing authority The Minister (within the meaning of the Financial Markets Conduct Act 2013) Licensed provider Persons that operate a financial product market that is licensed under Part 5 of the Financial Markets Conduct Act 2013 Enactment Financial Markets Conduct Act 2013 Reserve Bank of New Zealand Registered banks Financial Markets Authority Reserve Bank of New Zealand Financial Markets Authority Reserve Bank of New Zealand Licensed supervisors in respect of debt securities and managed investment schemes Licensed insurers Persons who hold, or are author‐ ised bodies under, a market ser‐ vices licence Licensed NBDTs Reserve Bank of New Zealand Act 1989 Financial Markets Supervisors Act 2011 Insurance (Prudential Supervi‐ sion) Act 2010 Financial Markets Conduct Act 2013 Non-bank Deposit Takers Act 2013 Schedule 2: amended, on 15 March 2021, by section 96(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Schedule 2: amended, on 1 May 2015, by section 91(4) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Schedule 2: amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Schedule 2: amended, on 1 April 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Schedule 2: amended, on 7 September 2013, by section 242 of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).
Schedule 2: amended, on 1 October 2011, by section 61(3) of the Securities Trustees and Statutory Supervisors Act 2011 (2011 No 10).

Schedule 2: amended, on 1 July 2010, by section 37 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

Schedule 2 paragraph (a): amended, on 15 March 2021, by section 96(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
Schedule 2 paragraph (b): replaced, on 15 March 2021, by section 96(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

77 Notes Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reprinted as at 1 June 2021 Reprints notes 1 General This is a reprint of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 that incorporates all the amendments to that Act as at the date of the last amendment to it.
2 Legal status Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment.

Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act.

A printed version of the reprint produced directly from this official elec‐ tronic version also has official status.
3 Editorial and format changes Editorial and format changes to reprints are made using the powers under sec‐ tions 24 to 26 of the Legislation Act 2012.

See also http://www.pco.parlia‐ ment.govt.nz/editorial-conventions/.
4 Amendments incorporated in this reprint Public Service Act 2020 (2020 No 40): section 135 Privacy Act 2020 (2020 No 31): section 217 Credit Contracts Legislation Amendment Act 2019 (2019 No 81): section 64 Financial Services Legislation Amendment Act 2019 (2019 No 8): Part 2 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5): section 368 Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12): section 100 District Court Act 2016 (2016 No 49): section 261 Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2015 (2015 No 102) Financial Reporting Amendment Act 2014 (2014 No 64): section 17 Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34) Non-bank Deposit Takers Act 2013 (2013 No 104): section 91 Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70): section 150 Criminal Procedure Act 2011 (2011 No 81): section 413 Securities Trustees and Statutory Supervisors Act 2011 (2011 No 10): section 61 Insurance (Prudential Supervision) Act 2010 (2010 No 111): section 242 Financial Service Providers (Registration and Dispute Resolution) Act Commencement Order 2010 (SR 2010/231) Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41) 78 Reprinted as at 1 June 2021 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Wellington, New Zealand: Published under the authority of the New Zealand
 Government—2021 79