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New Zealand law explained for everyone

Financial Service Providers (Registration and Dispute Resolution) Act 2008

Preliminary provisions

3: Overview

You could also call this:

“This law explains who needs to be registered to provide money services and how to handle complaints”

This law says that if you provide financial services, you need to be registered. If you provide these services to regular people (called retail clients), you usually need to be part of a dispute resolution scheme. This is a way to solve problems if something goes wrong.

The law also explains how the Minister can approve a dispute resolution scheme and why they might take away that approval.

Remember, this is just a simple guide to help you understand the law. It’s not meant to explain everything in detail.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109433.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection Business > Industry rules
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2A: Purposes of this Act, or

"This law aims to make money-related activities safe, fair, and easy to understand for everyone"

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4: Interpretation, or

"Words and their meanings in this law about money services"

Part 1 Preliminary provisions

3Overview

  1. This Act requires financial service providers to be registered.

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

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 The Act sets out how a dispute resolution scheme may be approved by the Minister and why the approval might be withdrawn.

  4. Repealed

  5. This section is intended as a guide only.

Notes
  • Section 3(2): replaced, on , by section 6 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
  • Section 3(2): amended, on , by section 5(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
  • Section 3(3): amended, on , by section 5(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
  • Section 3(4): repealed, on , by section 5(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).