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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Preliminary provisions

5: Meaning of financial service

You could also call this:

“What counts as a financial service in this law”

In this law, a financial service means any of these things:

You give people advice about money.

You look after money or property for other people.

You’re a special type of bank that isn’t a regular bank.

You’re a regular bank.

You keep, invest, or manage money or investments for other people.

You lend money to people.

You’re a mobile trader (someone who sells things from a vehicle or temporary structure).

You help people send money to each other.

You give out or manage ways to pay for things, like credit cards or electronic money.

You promise to pay someone’s debts if they can’t.

You offer financial products for people to buy.

You’re in charge of financial products or investments in different ways.

You run a place where people can buy and sell financial products.

You change money from one country to another.

You buy and sell financial products or foreign money for other people.

You make deals about foreign money for the future.

You’re an insurance company.

You do any other money-related job that helps New Zealand follow international rules.

If you see any words in this list that you don’t understand, you can look them up in another law called the Financial Markets Conduct Act 2013.

This law also talks about different types of offers for financial products. These are special kinds of offers that follow certain rules.

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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=DLM1109499.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection Business > Industry rules Business > Fair trading
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4: Interpretation, or

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

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6: Meaning of in the business of providing a financial service, or

"What it means to run a business that offers money-related help to people"

Part 1 Preliminary provisions

5Meaning of financial service

  1. In this Act, financial service means any of the following financial services:

  2. a financial advice service:
    1. a regulated client money or property service (including a custodial service):
      1. being a licensed NBDT, as defined in the Non-bank Deposit Takers Act 2013:
        1. being a registered bank:
          1. keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons:
            1. being a creditor under a credit contract:
              1. being a mobile trader:
                1. operating a money or value transfer service:
                  1. issuing or managing the means of payment (for example, credit or debit cards, cheques, travellers’ cheques, money orders, bankers’ drafts, or electronic money):
                    1. giving financial guarantees:
                      1. acting as an offeror of financial products offered under an FMC offer:
                        1. acting in any of the following capacities in respect of regulated products or financial products offered under an FMC offer:
                          1. as an issuer:
                            1. as a supervisor:
                              1. as an investment manager:
                              2. 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):
                                1. acting as a manager of a registered scheme (other than a restricted scheme):
                                  1. acting as an independent trustee of a restricted scheme:
                                    1. acting as a provider of a discretionary investment management service:
                                      1. acting as a derivatives issuer:
                                        1. acting as a provider of prescribed intermediary services:
                                          1. acting as an administrator of a financial benchmark:
                                            1. acting as a financial institution:
                                            2. acting as a custodian in respect of a registered scheme or a discretionary investment management service provided by a DIMS licensee:
                                              1. operating a financial product market:
                                                1. changing foreign currency:
                                                  1. trading financial products or foreign exchange on behalf of other persons:
                                                    1. providing forward foreign exchange contracts:
                                                      1. acting as an insurer:
                                                        1. providing a prescribed service—
                                                          1. that is the same, or substantially the same, as a service referred to in paragraph (ib); but
                                                            1. in respect of which the provider is not required to provide the service 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 licensing enactment):
                                                            2. providing any other financial service that is prescribed for the purposes of New Zealand complying with the FATF Recommendations, other recommendations by FATF, or other similar international obligations that are consistent with the purpose of this Act.

                                                              1. 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.

                                                              2. In this section, FMC offer means any of the following kinds of offers:

                                                              3. a regulated offer within the meaning of section 41 of the Financial Markets Conduct Act 2013:
                                                                1. an offer of financial products referred to in clause 19 or 21 of Schedule 1 of that Act.

                                                                  Notes
                                                                  • Section 5(1)(a): replaced, on , by section 63(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                  • Section 5(1)(ab): replaced, on , by section 63(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                  • Section 5(1)(b): replaced, on , by section 91(2) of the Non-bank Deposit Takers Act 2013 (2013 No 104).
                                                                  • Section 5(1)(e): amended, on , by section 7 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                                                                  • Section 5(1)(ea): inserted, on , by section 61 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).
                                                                  • Section 5(1)(g): replaced, on , by section 63(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                  • Section 5(1)(i): replaced, on , by section 63(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                  • Section 5(1)(ia): replaced, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                                                  • Section 5(1)(ib): replaced, on , by section 63(4) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                  • Section 5(1)(ib)(vii): inserted, on , by section 26 of the Financial Markets (Conduct of Institutions) Amendment Act 2022 (2022 No 36).
                                                                  • Section 5(1)(ic): inserted, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                                                  • Section 5(1)(id): inserted, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                                                  • Section 5(1)(k): replaced, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                                                  • Section 5(1)(m): replaced, on , by section 8(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                                                                  • Section 5(1)(ma): inserted, on , by section 63(5) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                  • Section 5(2): replaced, on , by section 63(6) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                                  • Section 5(3): inserted, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).