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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

48A: When financial adviser is exempt from being member

You could also call this:

“When a financial adviser doesn't need to join a complaint-handling group”

If you are a financial adviser who is registered and working for a financial advice provider, you might not have to join a dispute resolution scheme yourself. This is only if the financial advice provider you work for is already a member of an approved dispute resolution scheme.

You don’t need to join a scheme if the only reason you would need to is because of the financial advice you give while working for the financial advice provider. This also applies if you work for more than one financial advice provider, as long as they are all members of approved dispute resolution schemes.

Remember, this only applies to the financial advice you give as part of your job with the financial advice provider. If you do other work that would require you to join a dispute resolution scheme, you might still need to join one for that work.

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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=LMS464802.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection
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48: Financial service provider must be member of dispute resolution scheme, or

"Financial service providers need to join a special group that handles customer complaints"

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49: Who are retail clients, or

"People who need extra protection when using financial services"

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

48AWhen financial adviser is exempt from being member

  1. An individual who is registered under section 22C (A) and who is engaged by a financial advice provider (B) to give regulated financial advice on B’s behalf is exempt from the obligation under section 48 to be a member of an approved dispute resolution scheme if B is a member of an approved dispute resolution scheme.

  2. The exemption applies to the extent that A’s obligation to be a member of an approved dispute resolution scheme arises only because of the regulated financial advice given by A on B’s behalf (or on behalf of any other financial advice provider that is a member of an approved dispute resolution scheme).

Notes
  • Section 48A: inserted, on , by section 91 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).