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Financial Service Providers (Registration and Dispute Resolution) Act 2008

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

20: Objection to proposed deregistration of financial service provider

You could also call this:

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

If someone wants to remove a financial service provider from the registry, the provider has a chance to object. During the time given in the notice, you can tell the Registrar why you don’t think you should be removed. You need to give reasons for your objection.

If you send an objection in time, the Registrar has to think about it. The Registrar can’t remove you from the registry unless they’re sure that one of the reasons in section 18(1) is true.

There’s a special rule for objections related to section 16(1B). In this case, you can only object if you can show that you followed the rules in section 16(1A).

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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=DLM1109520.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection Business > Industry rules
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19: Notice of intention to deregister, or

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

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21: Notification of deregistration of financial service provider, or

"The law says the Registrar must tell people when a financial service provider is taken off the list"

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

20Objection to proposed deregistration of financial service provider

  1. During the notice period, the financial service provider may object (with reasons) to the proposed deregistration under section 18(1).

  2. 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.

  3. In the case of section 16(1B), the only valid objection to the proposed deregistration is that the provider complied with the requirement under section 16(1A).

Notes
  • Section 20(3): inserted, on , by section 78 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).