Plain language law

New Zealand law explained for everyone

Financial Service Providers (Registration and Dispute Resolution) Act 2008

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

21: Notification of deregistration of financial service provider

You could also call this:

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

When the Registrar removes a financial service provider from the register, they must tell several people and groups about it. They need to inform the financial service provider that has been removed. When doing this, they must explain that the provider can appeal this decision to the High Court. The Registrar also needs to tell any relevant licensing authority about the removal. Finally, they must let the public know by posting a notice on a website. This notice must stay on the website for at least 20 working days so people can see it.

In some special cases, when the removal is because of certain reasons, the Registrar needs to tell the financial service provider about a different kind of appeal. Instead of appealing to the High Court, they can appeal under a different law called the Financial Markets Conduct Act 2013.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=DLM1109521.

Topics:
Business > Industry rules Money and consumer rights > Banking and loans
Previous

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

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

Next

22: Reregistration of financial service provider, or

"Re-adding a financial service provider to the official list"

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

21Notification of deregistration of financial service provider

  1. If the Registrar deregisters a financial service provider, the Registrar must notify—

  2. the financial service provider, stating the provider’s right of appeal to the High Court against the deregistration under section 42; and
    1. any relevant licensing authority; and
      1. the public, by a notice that is publicly available on an Internet site (at all reasonable times) for not less than 20 working days.

        1. In the case of a deregistration in accordance with a direction referred to in section 18(1B)(b) or (c), the notice under subsection (1)(a) must refer to an appeal under subpart 9 of Part 8 of the Financial Markets Conduct Act 2013 (rather than an appeal under section 42).

        Notes
        • Section 21(2): inserted, on , by section 79 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).