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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Dispute resolution - Approval of dispute resolution schemes - Rules about approved dispute resolution scheme

67: Duty to co-operate and communicate information in certain circumstances

You could also call this:

“Working together and sharing important information when handling money complaints”

You need to work with others when dealing with complaints and important information. If you’re in charge of a special system for solving arguments about money matters, here’s what you must do:

You have to work together with other systems that solve money arguments. This means you might need to share information about people, but you have to follow the rules about keeping information private.

You also need to work with the person who keeps track of all the money services. You have to tell them certain things when they ask.

If you think a bank, insurance company, or other money business is breaking important rules, you need to tell the right people. For banks and insurance companies, you tell the Reserve Bank. For other money businesses, you tell the Financial Markets Authority.

If you think someone who lends money to people is breaking rules about how they should treat customers, you need to tell the Commerce Commission.

You might also need to give information to other people if the rules say you have to.

When we talk about lending money to people, we mean both normal loans and special kinds of loans that have extra rules to protect people.

A ‘financial markets participant’ is anyone who works with money in a way that’s covered by special laws about financial markets.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1585429.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection Business > Industry rules Business > Fair trading Rights and equality > Privacy
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66: Minister's consideration of change of rules, or

"The Minister decides if changes to dispute resolution rules are okay"

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67A: Duty to communicate information about mobile traders, or

"Tell the Commerce Commission if you think a mobile trader might be breaking credit laws"

Part 3 Dispute resolution
Approval of dispute resolution schemes: Rules about approved dispute resolution scheme

67Duty to co-operate and communicate information in certain circumstances

  1. The person responsible for an approved dispute resolution scheme (A) must—

  2. co-operate with other approved dispute resolution schemes if a complaint involves members of those other schemes (for example, by disclosing personal information in accordance with the Privacy Act 1993 and protecting information that is subject to an obligation of confidence); and
    1. co-operate with the Registrar, including by communicating information to the Registrar in accordance with sections 17 and 34; and
      1. if A has reasonable grounds to believe that a member that is a registered bank, a licensed insurer, or a licensed NBDT has contravened or is likely to contravene any of the following Acts in a material respect, communicate that fact to the Reserve Bank:
        1. the Banking (Prudential Supervision) Act 1989:
          1. the Insurance (Prudential Supervision) Act 2010:
            1. the Non-bank Deposit Takers Act 2013; and
            2. if A has reasonable grounds to believe that a member that is a financial markets participant has contravened or is likely to contravene any financial markets legislation in a material respect, communicate that fact to the FMA; and
              1. if A has reasonable grounds to believe that a member that is a creditor under a consumer credit contract has contravened or is likely to contravene the Credit Contracts and Consumer Finance Act 2003 in a material respect, communicate that fact to the Commerce Commission; and
                1. otherwise provide information to a prescribed person in the prescribed manner if required to do so by regulations made under this Act.

                  1. In this section,—

                    consumer credit contract—

                    1. has the same meaning as in section 11 of the Credit Contracts and Consumer Finance Act 2003; and
                      1. includes a credit contract to which Part 3A of that Act applies

                        financial markets participant has the same meaning as in section 4 of the Financial Markets Authority Act 2011.

                        Notes
                        • Section 67: replaced, on , by section 93 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                        • Section 67(1)(c)(i): amended, on , by section 300(1) of the Reserve Bank of New Zealand Act 2021 (2021 No 31).