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Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Regulating conduct of financial institutions - Miscellaneous provisions

446R: Protection of person who reports contravention or failure to comply

You could also call this:

"Reporting wrongdoing at work is protected by law"

Illustration for Financial Markets Conduct Act 2013

If you work for a financial institution or an intermediary and you think someone has broken the law or not acted fairly, you can report it to the FMA. You must believe this reasonably and report it to the FMA. If you make this report honestly, you will be protected from being sued or punished for making the report. You cannot be fired or have your job changed because you made the report, and you will not get in trouble with the groups that oversee your profession for making the report.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1428517.

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"What it means to be an intermediary: helping people get financial services or products and getting paid for it"

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"A law about assuming something is a consumer insurance contract is no longer in force."

Part 6Licensing and other regulation of market services
Regulating conduct of financial institutions: Miscellaneous provisions

446RProtection of person who reports contravention or failure to comply

  1. This section applies if an employee or an agent (A) of a financial institution or of an intermediary—

  2. reasonably believes that a person has, in relation to a relevant service or an associated product,—
    1. contravened a provision of this Act; or
      1. otherwise failed to comply with the fair conduct principle; and
      2. reports that belief to the FMA.

        1. If A makes the report in good faith,—

        2. no civil, criminal, or disciplinary proceedings may be brought against A as a result of A having made the report; and
          1. no person may terminate A’s employment or appointment as a result of A having made the report; and
            1. no tribunal, body, or authority that has jurisdiction in respect of A’s professional conduct may make an order against, or do any act in relation to, A as a result of A having made the report.

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