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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

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

You could also call this:

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

If you want to cancel your approval or choose not to use a dispute resolution service, you need to let the financial service provider know. You can do this in a few ways:

You can give the message directly to the financial service provider. Or you can send it to their business address that's listed in the official register. If they're not registered, you can send it to their last known business address in New Zealand. You can also send it by fax or email if their fax number or email address is in the register.

The financial service provider will be considered to have received your message within 7 days if you posted it, or within 2 days if you faxed or emailed it. However, if they can prove they didn't receive it (and it wasn't their fault), then these timeframes don't apply.

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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=DLM3080335.

Topics:
Money and consumer rights > Banking and loansMoney and consumer rights > Consumer protection
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49D: How to opt out of being wholesale client, or

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

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49F: Members of dispute resolution scheme must comply with rules and binding resolutions, or

"Follow the rules and decisions of your dispute resolution group, or the court can make you"

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

49EGiving revocation of certification or notification of opt out

  1. A revocation of a certification under section 49C or a notification under section 49D is sufficiently given to a financial service provider if—

  2. it is provided to the financial service provider; or
    1. delivered or posted to the financial service provider at the person's business address stated on the register or (if not registered) the person's last known place of business in New Zealand; or
      1. sent by fax or email to the person's fax number or email address stated on the register.

        1. The revocation or notification is treated as received by the person no later than 7 days after it is posted or 2 days after it is faxed or emailed, unless the person to whom it is posted or sent proves that it was not received (otherwise than through fault on the person's part).

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