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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Dispute resolution - Approval of dispute resolution schemes - Withdrawal of approval

57: Notice of intention to withdraw approval

You could also call this:

“The Government tells a complaint-handling group they might lose their approval”

If the Minister wants to withdraw approval from a dispute resolution scheme, they must let the person in charge of the scheme know. The Minister will send a notice that explains:

  1. Why they want to withdraw approval
  2. The reasons for their decision
  3. That there’s a time period where the person in charge can object to this decision

The Minister might ask the person in charge to tell all the members about this, or to give the Minister a list of members so the Minister can tell them.

The Minister might also ask the person in charge to:

  1. Tell members about plans to move them to other approved schemes
  2. Explain that members can join another approved scheme
  3. Remind members that they must:
    • Stay part of an approved scheme
    • Tell the Registrar if they move to a different scheme

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109570.

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Part 3 Dispute resolution
Approval of dispute resolution schemes: Withdrawal of approval

57Notice of intention to withdraw approval

  1. The Minister must notify the person responsible for the approved dispute resolution scheme of the Minister’s intention to withdraw the scheme’s approval under section 56(1).

  2. The Minister’s notice must set out—

  3. that the Minister intends to withdraw the scheme’s approval for any or all of the grounds described in section 56(1) (stating which apply); and
    1. the reasons why the Minister considers any or all of the grounds described in section 56(1) apply; and
      1. that there is a notice period before the withdrawal of the scheme’s approval during which the person responsible for the scheme may object, under section 58, to the intended withdrawal.

        1. The Minister's notice may require the person responsible for the scheme to—

        2. notify all members of the Minister's intention to withdraw the scheme's approval; or
          1. provide the Minister with a list of the names and business addresses of current members so that the Minister can, if the Minister wishes, notify all members of the Minister's intention to withdraw the scheme's approval.

            1. The Minister's notice may also require the person responsible for the scheme to do 1 or more of the following:

            2. notify members of the scheme of adequate arrangements that have been, or will be, made to facilitate the transfer of members of the scheme to another approved dispute resolution scheme or schemes:
              1. make clear to those members that those members may—
                1. apply to join another approved dispute resolution scheme or schemes in accordance with those arrangements; or
                  1. apply to join any other approved dispute resolution scheme:
                  2. remind each of its members of the member's obligation—
                    1. to continue to be a member of an approved dispute resolution scheme, as required by section 48; and
                      1. to notify the Registrar that the member has transferred to another approved dispute resolution scheme, and details of that scheme, as required by section 17.

                      Notes
                      • Section 57(4): inserted, on , by section 34 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).