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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Registration of financial service provider - Deregistration of financial service provider

19: Notice of intention to deregister

You could also call this:

“Letting a financial service provider know they might be taken off the list”

If the Registrar wants to deregister a financial service provider, they must tell the provider and any relevant licensing authority about it. The Registrar will send a notice to the provider. This notice will explain that the Registrar plans to deregister the provider under section 18(1). It will also say why the Registrar thinks they can do this. The notice will tell the provider that they have some time to object to being deregistered if they want to. The provider can object using section 20.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109519.

Topics:
Business > Industry rules Money and consumer rights > Banking and loans
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18C: FMA may direct deregistration regardless of whether section 18(1) applies, or

"FMA can remove a financial service provider from the register for any reason"

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20: Objection to proposed deregistration of financial service provider, or

"How financial service providers can say no to being removed from the list"

Part 2 Registration
Registration of financial service provider: Deregistration of financial service provider

19Notice of intention to deregister

  1. The Registrar must notify a financial service provider and any relevant licensing authority of the Registrar’s intention to deregister the provider under section 18(1).

  2. The Registrar’s notice must set out—

  3. that the Registrar intends to deregister the provider under section 18(1) (stating whichever paragraph applies); and
    1. the reasons why the Registrar considers the relevant paragraph in section 18(1) applies; and
      1. that there is a notice period before deregistration occurs during which the provider may object, under section 20, to the deregistration.