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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Dispute resolution - Financial service provider must be member of dispute resolution scheme

49D: How to opt out of being wholesale client

You could also call this:

“How to tell your financial service provider you don't want to be a wholesale client anymore”

If you are a wholesale client, you can choose not to be one anymore. You do this by telling your financial service provider in writing that you don’t want to be a wholesale client. You need to sign this notice.

You can decide if you want to stop being a wholesale client for all the services the provider gives you, or just for some of them. You can also change your mind later and tell the provider you want to be a wholesale client again.

When you tell the provider you don’t want to be a wholesale client, it only affects the services you get after you’ve told them. It doesn’t change anything that happened before.

If you’re a special type of wholesale client called an ‘eligible investor’, you can’t use this process to stop being a wholesale client.

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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=DLM3080334.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection
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49C: Revocation of certification, or

"How to cancel your special investor status with a financial company"

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49E: Giving revocation of certification or notification of opt out, or

"Telling a financial service provider you're cancelling approval or opting out of their dispute service"

Part 3 Dispute resolution
Financial service provider must be member of dispute resolution scheme

49DHow to opt out of being wholesale client

  1. A person may opt out of being a wholesale client, in relation to a financial service provider, by giving the financial service provider a signed notification to that effect.

  2. A notification may be specific to a particular service, or class of services, or may be general for all services provided by the financial service provider to whom it is given.

  3. A person may vary or revoke a notification in the same way as the notification may be given.

  4. A notification (or variation or revocation of a notification) under this section is effective only in relation to services provided after it is given.

  5. This section does not apply if a person is a wholesale client by reason of being an eligible investor.

Notes
  • Section 49D: inserted, on , by section 27 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).