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Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Regulating conduct of financial institutions - Fundamental duties to meet fair conduct principle

446H: Duty to make information about fair conduct programme publicly available

You could also call this:

"Financial institutions must share their fair treatment plans with you"

Illustration for Financial Markets Conduct Act 2013

If you deal with a financial institution, they must make certain information about their fair conduct programme available to you. This information includes a summary of how they will follow the fair conduct principle, so you can understand how they will treat you. They must publish this information on their website and give it to you if you ask for it.

When you ask for this information, the financial institution must give it to you as soon as possible, but no later than 5 working days after you ask. They must also give it to you for free. The information they give you should help you make informed decisions about using their services and products.

The financial institution must also tell you how to make a complaint about their services and products. They have to follow certain rules when giving you this information, and they must make sure you can easily access it. You can find more information about the laws that govern this in the Financial Markets (Conduct of Institutions) Amendment Act 2022.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1428466.

Topics:
Money and consumer rights > Banking and loansMoney and consumer rights > Consumer protectionBusiness > Industry rulesBusiness > Fair trading
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446G: Duty to establish, implement, and maintain effective fair conduct programme, or

"Financial institutions must have a fair plan to treat customers right and follow the rules."

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446I: Duty to comply with fair conduct programme, or

"Financial institutions must follow their fair conduct programme in a reasonable and prescribed way."

Part 6Licensing and other regulation of market services
Regulating conduct of financial institutions: Fundamental duties to meet fair conduct principle

446HDuty to make information about fair conduct programme publicly available

  1. Every financial institution must ensure that the information about its fair conduct programme that is set out in subsection (2) is—

  2. published on an Internet site maintained by, or on behalf of, the financial institution at all reasonable times; and
    1. provided to any person who requests the information.

      1. The information is—

      2. a summary of key matters about the fair conduct programme that is in sufficient detail to assist consumers to—
        1. be reasonably aware of how the financial institution will comply with the fair conduct principle; and
          1. make informed decisions about dealings and interactions with the financial institution in relation to the relevant services and associated products that the financial institution provides; and
            1. understand how to make a complaint about those relevant services and associated products; and
            2. all other prescribed information about the fair conduct programme.

              1. The information must be provided under subsection (1)(b)—

              2. as soon as practicable but, in any event, within 5 working days after the financial institution receives the request; and
                1. free of charge.

                  1. The financial institution must otherwise comply with this section in the prescribed manner.

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