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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Dispute resolution - Miscellaneous - Regulations under this Part

79: Regulations under this Part

You could also call this:

“Rules for settling money arguments with financial companies”

The Governor-General can make rules about dispute resolution schemes for financial service providers. These rules can do several things:

You can be excused from joining a dispute resolution scheme if the costs are too high compared to the benefits.

There can be temporary rules for a dispute resolution scheme if needed.

The rules can say what information you need to give when applying to run a dispute resolution scheme.

They can set out how to apply to run a dispute resolution scheme.

The rules can say what needs to be in the rules of dispute resolution schemes.

If a dispute resolution scheme stops working, there can be rules about what happens next.

The rules can say what information dispute resolution schemes need to share, and with whom.

Every year, dispute resolution schemes need to write a report. The rules say what needs to be in this report.

The rules can set fees for things related to dispute resolution schemes.

Before making these rules, the Minister usually needs to talk to the FMA and other people who might be affected.

If you need to pay a fee, you have to pay it before the Minister will make a decision.

The Minister can give back fees or not make you pay them in some cases.

If you don’t pay a fee, the government can take you to court to get the money.

These rules are called ‘secondary legislation’, which means they are published in a special way.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1109605.

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Part 3 Dispute resolution
Miscellaneous: Regulations under this Part

79Regulations under this Part

  1. The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations for all or any of the following purposes:

  2. exempting any person or class of persons from the obligation to be a member of an approved dispute resolution scheme and prescribing the terms and conditions (if any) of the exemption:
    1. providing rules for an interim dispute resolution scheme:
      1. prescribing the information or documents to be supplied to the Minister as part of an application under this Part:
        1. prescribing processes for applications for the approval of dispute resolution schemes:
          1. prescribing matters for the purposes of section 63(1)(g)(ii) and (s):
            1. prescribing provisions to be implied into rules about approved dispute resolution schemes:
              1. prescribing rules for a class of approved dispute resolution scheme or for all approved dispute resolution schemes in the event that approval of those schemes is withdrawn:
                1. prescribing matters for the purposes of section 67(1)(f), including the circumstances in which information must be provided under that paragraph, the information that must be provided, and to whom and the manner in which it must be provided:
                  1. prescribing the information that must be included in every annual report supplied in accordance with section 68, which must include—
                    1. information about any independent review that occurred within the previous 12 months; and
                      1. information about a scheme’s operation (including complaints received):
                      2. prescribing fees payable in respect of any matter under this Part or the manner in which fees may be calculated:
                        1. providing for any other matters contemplated by this Part, necessary for its administration, or necessary for giving it full effect.

                          1. The Minister must not recommend the making of regulations under subsection (1)(a), unless the Minister is satisfied that—

                          2. the exemption is consistent with the purposes of this Act; and
                            1. the costs of compliance with the obligation would be unreasonable or not justified by the benefits of compliance.

                              1. The Minister must not recommend the making of regulations under subsection (1)(aa) unless the Minister—

                              2. is satisfied that—
                                1. members of a scheme that has ceased, or will cease, to be an approved dispute resolution scheme would be, or are, unable to reasonably become members of another approved dispute resolution scheme; and
                                  1. the interim dispute resolution scheme will be consistent with the purpose of this Part (see section 47); and
                                    1. the interim dispute resolution scheme will be capable of providing a scheme for the purpose of this Part; and
                                      1. the rules of the interim dispute resolution scheme will comply with section 63; and
                                      2. has consulted the FMA and any other persons that the Minister considers are likely to be substantially affected by the establishment of an interim dispute resolution scheme.

                                        1. The Minister must not recommend the making of regulations under subsection (1)(ca) or (cb) unless the Minister has consulted the FMA and any other persons that the Minister considers are likely to be substantially affected by the regulations.

                                        2. However, a failure to consult with the persons referred to in subsection (1B)(b) or (1C) does not affect the validity of the regulations.

                                        3. The Minister may refuse to make a decision under this Part until the prescribed fee is paid.

                                        4. Any Order in Council made under subsection (1) may—

                                        5. prescribe the method of payment of a fee; and
                                          1. authorise the Minister to refund or waive, in whole or in part and on any prescribed conditions, payment of a fee in relation to any person or class of persons.

                                            1. Any fee or amount payable under this Part is recoverable in any court of competent jurisdiction as a debt due to the Crown.

                                            2. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

                                            3. If the regulations authorise the Minister under subsection (3)(b) to grant refunds or waivers in respect of a class of persons,—

                                            4. the instrument granting the refund or waiver is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements); and
                                              1. the regulations must contain a statement to that effect.

                                                Notes
                                                • Section 79(1): amended, on , by section 35(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                                                • Section 79(1)(a): replaced, on , by section 35(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                                                • Section 79(1)(a): amended, on , by section 43(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                                                • Section 79(1)(aa): inserted, on , by section 43(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                                                • Section 79(1)(ca): inserted, on , by section 43(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                                                • Section 79(1)(cb): inserted, on , by section 43(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                                                • Section 79(1)(da): inserted, on , by section 94 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                                                • Section 79(1A): inserted, on , by section 35(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                                                • Section 79(1B): inserted, on , by section 43(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                                                • Section 79(1C): inserted, on , by section 43(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                                                • Section 79(1D): inserted, on , by section 43(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                                                • Section 79(5): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
                                                • Section 79(6): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).