Plain language law

New Zealand law explained for everyone

Financial Service Providers (Registration and Dispute Resolution) Act 2008

Consequential amendment

Schedule 1AA: Transitional, savings, and related provisions

You could also call this:

“Rules for switching to new laws about money services”

This schedule outlines transitional, savings, and related provisions for the Financial Service Providers (Registration and Dispute Resolution) Act 2008. It covers changes made by the Financial Services Legislation Amendment Act 2019 and the Credit Contracts Legislation Amendment Act 2019.

If you were providing a financial service and registered for it before the law changed, you won’t be in trouble for three months after the change. This gives you time to adjust to the new rules. You can also apply to be registered for new financial advice services before the changes come into effect.

For creditors who need to be certified under the Credit Contracts and Consumer Finance Act 2003, the schedule sets out when you need to get certified. If you don’t get certified by the required date, you might be removed from the register of financial service providers.

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 It might be out of date or be missing some parts.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=LMS286279.

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

81: Consequential amendment, or

"Changes to other laws because of this act"

Next

Schedule 1: Consequential amendment, or

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

1AATransitional, savings, and related provisions Empowered by s 8A

1Provisions relating to Financial Services Legislation Amendment Act 2019

1Change of financial service descriptions does not result in breach

  1. This clause applies if, immediately before the commencement of section 63 of the Financial Services Legislation Amendment Act 2019 (which amends section 5),—

  2. a person is in the business of providing a financial service; and
    1. the person is registered under Part 2 of this Act for that service; and
      1. the description of that service is amended, repealed, or replaced by that section.

        1. Despite the change referred to in subclause (1)(c), the person does not breach section 11, 12, or 17 because of that change (and, for that purpose, the person may continue to rely on section 5 as in force before the commencement of section 63 of the Financial Services Legislation Amendment Act 2019).

        2. This clause ceases to apply at the close of the date that is 3 months after the date on which section 63 of the Financial Services Legislation Amendment Act 2019 comes into force.

        Notes
        • Schedule 1AA clause 1: inserted, on , by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

        2Certain persons not required to be registered merely because of new application provisions

        1. This clause applies to a person (A) if,—

        2. immediately before the commencement of section 7A, this Act does not apply to A; but
          1. this Act applies to A on that commencement.

            1. A is not required to be registered under this Act, or to be a member of an approved dispute resolution scheme, if A would not have been so required before the commencement of section 7A.

            2. This clause ceases to apply at the close of a date appointed by the Governor-General by an Order in Council (which must be a date at least 6 months after the date on which section 7A comes into force).

            3. An order under this clause is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

            Notes
            • Schedule 1AA clause 2: inserted, on , by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
            • Schedule 1AA clause 2: ceased to apply, at the close of , pursuant to clause 3 of the Financial Service Providers (End of Transitional Period) Order 2021 (LI 2021/282).
            • Schedule 1AA clause 2(4): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

            3Person may apply for registration for financial advice service before commencement

            1. A person may—

            2. apply to be registered under Part 2 of this Act for a service referred to in section 5(1)(a) (as replaced by section 63 of the Financial Services Legislation Amendment Act 2019) before the commencement of that section 63; and
              1. apply to be registered under section 22C (as inserted by section 81 of the Financial Services Legislation Amendment Act 2019) before the commencement of that section 81; and
                1. notify, under section 17, changes relating to a financial service provider that are connected with section 5(1)(a) or 22C being replaced or inserted by section 63 or 81 of the Financial Services Legislation Amendment Act 2019, before those provisions come into force.

                  1. For the purposes of dealing with the application or notification, sections 63 and 81 of the Financial Services Legislation Amendment Act 2019, and any other provisions of that Act that are relevant to the matter that are not yet in force, must be treated as if they were in force.

                  2. However, a registration or change in registration under this clause does not take effect before the commencement of section 63 or 81 of the Financial Services Legislation Amendment Act 2019 (as the case may be).

                  Notes
                  • Schedule 1AA clause 3 (except for subclause (1)(b) and (c)): inserted, on , by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                  • Schedule 1AA clause 3(1)(b): inserted, on , by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                  • Schedule 1AA clause 3(1)(c): inserted, on , by section 95 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).

                  2Provision relating to Credit Contracts Legislation Amendment Act 2019

                  4Creditors registered as financial service providers before commencement

                  1. This clause applies to every creditor that is registered under this Act as at the close of the day before commencement and that is required to be certified under Part 5A of the Credit Contracts and Consumer Finance Act 2003.

                  2. The date on and from which the creditor must be certified is the date in clause 12(2) or (5) (as the case may be) of Schedule 1AA of the Credit Contracts and Consumer Finance Act 2003, as amended by the Credit Contracts Legislation Amendment Act 2019.

                  3. After that date, section 18(1)(a) (which relates to deregistration) applies if the person is not certified.

                  4. In this clause, commencement means the commencement of section 131B of the Credit Contracts and Consumer Finance Act 2003.

                  Notes
                  • Schedule 1AA clause 4: inserted, on , by section 67 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).