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Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Regulating conduct of financial institutions - Key definitions

446F: Meaning of relevant service and associated product

You could also call this:

"What 'relevant service' and 'associated product' mean in the Financial Markets Conduct Act 2013"

Illustration for Financial Markets Conduct Act 2013

When you read about the Financial Markets Conduct Act 2013, you might see the term "relevant service". This term refers to services like acting as an insurer, being a creditor under a consumer credit contract, or providing certain financial services. You can find more information about these financial services in section 5(1)(a), (ab), (d), (f) to (ia), (ib)(i) to (v), or (ic) to (l) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

A relevant service can also mean acting as an intermediary for these services. However, some services might be excluded by regulations.

You might also see the term "associated product" which refers to a financial advice product that you acquire when you use a relevant service.

A service is considered a "retail service" if it is received by a retail client or a group of people that includes at least one retail client.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1428462.

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Part 6Licensing and other regulation of market services
Regulating conduct of financial institutions: Key definitions

446FMeaning of relevant service and associated product

  1. In this subpart, relevant service—

  2. means any of the following:
    1. acting as an insurer:
      1. being a creditor under a consumer credit contract:
        1. any financial service referred to in section 5(1)(a), (ab), (d), (f) to (ia), (ib)(i) to (v), or (ic) to (l) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 where that service is a retail service (as defined in subsection (3)):
          1. acting as an intermediary for any services referred to in subparagraphs (i) to (iii); but
          2. does not include a service of a class excluded by the regulations (but those regulations may not exclude the services referred to in paragraph (a)(i) and (ii)).

            1. A product is an associated product in relation to a relevant service if it is a financial advice product that a consumer acquires under the service.

              Example

              A company (A) provides the financial service of acting as an insurer. A contract of insurance entered into by A under the service is an associated product.

            2. In this section, a service is a retail service if that service is or will be received by—

            3. a retail client; or
              1. a class of persons where there is at least 1 retail client in that class.

                Notes
                • Section 446F: inserted, on , by section 12 of the Financial Markets (Conduct of Institutions) Amendment Act 2022 (2022 No 36).