Plain language law

New Zealand law explained for everyone

Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Registration of financial service provider - Deregistration of financial service provider

18A: Purpose of FMA's powers relating to deregistration

You could also call this:

“Why the FMA can remove someone from the financial service providers list”

The Financial Markets Authority (FMA) has the power to take someone off the list of financial service providers. This power is meant to stop people from being on the list if it makes things look false or misleading. The FMA can do this if someone being on the list makes it look like they:

  • Provide more financial services in New Zealand than they really do
  • Have more business in New Zealand than they really do
  • Follow more New Zealand rules than they really do

The FMA can also take someone off the list if their being on it might hurt:

  • How people see New Zealand’s financial markets
  • How people see New Zealand’s laws about financial markets

This helps make sure that the list of financial service providers in New Zealand is honest and trustworthy.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=DLM6197864.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection Business > Industry rules Business > Fair trading
Previous

18: Deregistration of financial service provider, or

"How a financial service provider can be removed from the register"

Next

18B: Consideration of deregistration of financial service provider by FMA, or

"FMA can check if a financial service provider should be taken off the list"

Part 2 Registration
Registration of financial service provider: Deregistration of financial service provider

18APurpose of FMA's powers relating to deregistration

  1. The purpose of section 18B is to provide for the deregistration of a person (A) if A's registration has, will have, or is likely to have the effect of—

  2. creating, or causing the creation of, a false or misleading appearance with respect to the extent to which A—
    1. provides, or will provide, financial services in New Zealand; or
      1. provides, or will provide, financial services from a place of business in New Zealand; or
        1. is, or will be, regulated by New Zealand law in relation to a financial service; or
        2. otherwise damaging the integrity or reputation of—
          1. New Zealand's financial markets; or
            1. New Zealand's law or regulatory arrangements for regulating those markets.

            Notes
            • Section 18A: inserted, on , by section 19 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).