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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Dispute resolution - Approval of dispute resolution schemes

50: Meaning of approved dispute resolution scheme

You could also call this:

“What an approved dispute resolution scheme is and how it works”

An approved dispute resolution scheme is a way to solve problems that has been given the okay by the Minister. The Minister needs to follow the rules in this part of the law when they say it’s okay. If they change their mind later and say it’s not okay anymore, then it’s not an approved scheme.

Sometimes, there might be a temporary scheme called an interim dispute resolution scheme. If this happens, when the law talks about an approved scheme, it also means this temporary one.

But there’s one big difference. The rules in sections 51 to 61 of this law don’t apply to the temporary scheme. These are special rules that only work for the fully approved schemes.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109558.

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Part 3 Dispute resolution
Approval of dispute resolution schemes

50Meaning of approved dispute resolution scheme

  1. A dispute resolution scheme is an approved dispute resolution scheme if it has been approved by the Minister in accordance with this Part and that approval has not been withdrawn.

  2. If an interim dispute resolution scheme is appointed under section 79AA, references in this Act to an approved dispute resolution scheme are to be read as including references to the interim dispute resolution scheme.

  3. However, nothing in sections 51 to 61 applies in relation to the interim dispute resolution scheme.

Notes
  • Section 50(2): inserted, on , by section 31 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
  • Section 50(3): inserted, on , by section 31 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).