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Financial Service Providers (Registration and Dispute Resolution) Act 2008

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

59: Approval is withdrawn from date person responsible for scheme is notified

You could also call this:

"Scheme's approval ends when the person in charge is told about it"

Illustration for Financial Service Providers (Registration and Dispute Resolution) Act 2008

When the Minister decides to take away a scheme's approval, it stops being approved from the day the person in charge of the scheme is told about it. The Minister has to let the person know about this decision as set out in section 60(a) of the law. This means the scheme isn't approved anymore from the moment the person running it finds out officially.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109572.

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60: Notification and publication of withdrawal of approval, or

"Minister must tell everyone when a dispute resolution scheme is no longer approved"

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

59Approval is withdrawn from date person responsible for scheme is notified

  1. If the Minister withdraws a scheme’s approval, the scheme’s approval is withdrawn from the date the person responsible for the scheme is notified under section 60(a).