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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Registration of financial service provider - Application for registration as financial service provider

16: Registration of financial service provider

You could also call this:

“How the Registrar signs you up as a financial service provider”

If the Registrar thinks you can be registered as a financial service provider, they will do a few things. They will put your details on a register. This includes your name, address, what financial services you offer, and other important information. They will also tell you that you’ve been registered.

The Registrar will ask you to tell them about the dispute resolution scheme you belong to. This is a group that helps solve problems between you and your customers. You need to give this information within 10 working days.

They will also give you a date when you need to confirm your details each year. They’ll tell you this date and put it on the register too.

The Registrar can ask you for information at any time. This is to check if you’re really providing financial services in New Zealand, or if other rules apply to you.

If you don’t give this information when asked, the Registrar might take you off the register.

If the Registrar doesn’t think you should be registered, or if the FMA (Financial Markets Authority) tells them not to register you, they will let you know. They will also tell any other important authorities about this decision.

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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=DLM1109514.

Topics:
Business > Industry rules Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection
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"FMA can stop someone from registering as a financial service provider, even if they meet all other rules"

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17: Duty to notify changes relating to financial service provider, or

"Financial service providers must tell the Registrar about important changes"

Part 2 Registration
Registration of financial service provider: Application for registration as financial service provider

16Registration of financial service provider

  1. If the Registrar accepts that an applicant is qualified to be registered as a financial service provider, the Registrar must—

  2. enter the following details on the register (as relevant to the provider):
    1. the name and business address of the provider:
        1. the type or types of financial service for which the provider is registered:
          1. 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:
            1. 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
              1. any other information prescribed in regulations; and
              2. notify the provider of the Registrar's decision; and
                1. 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 provider is required, by section 48, to be a member of a scheme); and
                  1. allocate a due date for the provider’s annual confirmation, notify the provider of that date, and notify that date on the register.

                    1. The Registrar may, at any time, require a person to provide prescribed information in the prescribed manner for the purpose of ascertaining whether—

                    2. the person is in the business of providing a financial service to persons in New Zealand; or
                      1. any other matter referred to in section 7A applies in respect of the person.

                        1. 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.

                        Notes
                        • Section 16(1)(a)(ii): repealed, on , 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 , 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 , by section 75(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                        • Section 16(1)(aa): inserted, on , 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 , by section 16(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                        • Section 16(1A): inserted, on , by section 75(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                        • Section 16(1B): inserted, on , by section 75(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                        • Section 16(2): amended, on , 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 , 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 , by section 16(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).