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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Consequential amendment

Schedule 2: Licensing authorities and licensed providers

You could also call this:

“Who can give and who needs special permits for money services”

This schedule explains who can give licenses for financial services and who needs these licenses. The licensing authorities are important groups like the Reserve Bank of New Zealand and the Financial Markets Authority. They decide who can provide certain financial services.

The schedule lists different types of financial service providers who need licenses. These include banks, insurance companies, and people who manage investments for others. Each type of provider needs a license from a specific authority.

The schedule also mentions the laws that require these licenses. For example, banks need to follow the Banking (Prudential Supervision) Act 1989, while insurance companies must follow the Insurance (Prudential Supervision) Act 2010. These laws make sure that financial service providers are trustworthy and follow the rules.

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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=DLM1585437.

Topics:
Business > Industry rules Money and consumer rights > Banking and loans
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Schedule 1: Consequential amendment, or

"Changes to another law because of this new law about money help companies"

2Licensing authorities and licensed providers Empowered by s 4

This schedule identifies—

  • bodies or persons who are licensing authorities; and
    1. persons that are licensed providers; and
      1. the enactments that require the relevant financial service to be provided only by a person who is licensed, registered, authorised, or otherwise approved by that licensing authority.

          1. This table is small in size and has 3 columns. Column 1 is headed Licensing authority. Column 2 is headed Licensed provider. Column 3 is headed Enactment.
          Licensing authority Licensed provider Enactment
          The Minister (within the meaning of the Financial Markets Conduct Act 2013) Persons that operate a financial product market that is licensed under Part 5 of the Financial Markets Conduct Act 2013 Financial Markets Conduct Act 2013
          Reserve Bank of New Zealand Registered banks Banking (Prudential Supervision) Act 1989
          Financial Markets Authority Licensed supervisors in respect of debt securities and managed investment schemes Financial Markets Supervisors Act 2011
          Reserve Bank of New Zealand Licensed insurers Insurance (Prudential Supervision) Act 2010
          Financial Markets Authority Persons who hold, or are authorised bodies under, a market services licence Financial Markets Conduct Act 2013
          Reserve Bank of New Zealand Licensed NBDTs Non-bank Deposit Takers Act 2013
          Notes
          • Schedule 2: amended, on , by section 300(1) of the Reserve Bank of New Zealand Act 2021 (2021 No 31).
          • Schedule 2: amended, on , by section 96(3) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
          • Schedule 2: amended, on , by section 91(4) of the Non-bank Deposit Takers Act 2013 (2013 No 104).
          • Schedule 2: amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
          • Schedule 2: amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
          • Schedule 2: amended, on , by section 242 of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).
          • Schedule 2: amended, on , by section 61(3) of the Securities Trustees and Statutory Supervisors Act 2011 (2011 No 10).
          • Schedule 2: amended, on , by section 37 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
          • Schedule 2 paragraph (a): amended, on , by section 96(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
          • Schedule 2 paragraph (b): replaced, on , by section 96(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).