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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Miscellaneous

42: Appeals from Registrar’s decisions and FMA directions

You could also call this:

“How to challenge decisions about your financial service provider registration”

If you’re not happy with certain decisions made about your registration as a financial service provider, you can appeal to the High Court. You can appeal if the Registrar decides not to register you, to deregister you, or tells you to do something you don’t agree with. You can also appeal if the FMA (Financial Markets Authority) gives you directions you don’t like.

You have 20 working days after you’re told about the decision to make your appeal. If you need more time, you can ask the court for an extension.

When you appeal, the court can do a few things. It can agree with the decision, change it, or completely reverse it. The court can also make its own decision about your case, just like the Registrar or FMA could have done. Or, it can send the decision back to the Registrar or FMA and tell them to think about it again.

Remember, this doesn’t apply to some decisions that have their own special appeal process under a different law called the Financial Markets Conduct Act 2013.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109551.

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Part 2 Registration
Miscellaneous

42Appeals from Registrar’s decisions and FMA directions

  1. A person (A) who is not satisfied with any of the following decisions of the Registrar may appeal to the High Court:

  2. a decision not to register A as a financial service provider under section 16 or 22C:
    1. a decision to deregister A under section 18:
      1. a decision of the Registrar or a person authorised by the Registrar under section 37 to require A to do something.

        1. This section does not apply to a decision that may be appealed under subpart 9 of Part 8 of the Financial Markets Conduct Act 2013.

        2. A financial service provider who is not satisfied with any direction given by the FMA under section 15B or 18B may appeal to the High Court.

        3. The time within which an appeal under subsection (1) may be made is 20 working days after the date of notification of the decision or direction, or within any further time that the court allows.

        4. On appeal, the court may do any of the following:

        5. confirm, modify, or reverse the decision or direction or any part of it:
          1. exercise any of the powers that could have been exercised by the Registrar or the FMA in relation to the matter to which the appeal relates:
            1. refer the decision or direction back to the Registrar or the FMA (as the case may be) with directions to reconsider the whole or a specified part of the decision or direction.

              Notes
              • Section 42 heading: amended, on , by section 26(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
              • Section 42(1): replaced, on , by section 87 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
              • Section 42(1AA): inserted, on , by section 87 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
              • Section 42(1A): inserted, on , by section 26(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
              • Section 42(2): amended, on , by section 26(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
              • Section 42(3)(a): amended, on , by section 26(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
              • Section 42(3)(b): amended, on , by section 26(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
              • Section 42(3)(c): replaced, on , by section 26(5) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).