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Financial Markets Conduct Act 2013

Enforcement, liability, and appeals - Civil liability - Interrelationship of civil liability orders

507: No pecuniary penalty and fine for same conduct

You could also call this:

"You can't be fined and penalised twice for the same mistake"

Illustration for Financial Markets Conduct Act 2013

If you do something wrong, you cannot be ordered to pay a pecuniary penalty and also be liable for a fine under the Financial Markets Conduct Act 2013, the Fair Trading Act 1986, the Credit Contracts and Consumer Finance Act 2003, or the Financial Service Providers (Registration and Dispute Resolution) Act 2008 for the same mistake. You will only get one of these penalties for the same conduct. This means you will not be punished twice for doing the same wrong thing.

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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=DLM4091732.

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506: Only 1 pecuniary penalty may be imposed for same conduct, or

"You only pay one penalty for doing something wrong, even if you break multiple rules."

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508: Limitation defences, or

"When you make a claim, the other person can say it's too late because of time limits."

Part 8Enforcement, liability, and appeals
Civil liability: Interrelationship of civil liability orders

507No pecuniary penalty and fine for same conduct

  1. A person cannot be ordered to pay a pecuniary penalty and be liable for a fine under this Act, the Fair Trading Act 1986, the Credit Contracts and Consumer Finance Act 2003, or the Financial Service Providers (Registration and Dispute Resolution) Act 2008 for the same conduct.

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Notes
  • Section 507: amended, on , by section 20 of the Financial Markets (Conduct of Institutions) Amendment Act 2022 (2022 No 36).
  • Section 507: amended, on , by section 43 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).