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Fair Trading Act 1986

Miscellaneous provisions

48Q: No pecuniary penalty and fine for same conduct involving financial products or financial services

You could also call this:

"No double punishment for same mistake with money products or services"

Illustration for Fair Trading Act 1986

You cannot be ordered to pay a pecuniary penalty or be liable for a fine under the Financial Markets Conduct Act 2013 and also be liable for a fine under the Fair Trading Act 1986 for the same conduct involving financial products or financial services. If you have paid an amount in lieu of a pecuniary penalty under the Financial Markets Authority Act 2011, you are not liable for a fine under the Fair Trading Act 1986 for the same conduct. This means you will not be punished twice for the same thing.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6033257.

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Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rulesBusiness > Fair trading
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48P: Proceedings relating to financial products or financial services, or

"Getting permission to take legal action about money products or services"

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48R: Unsubstantiated representations prohibition does not apply to financial markets disclosure, or

"Some finance documents don't need proof for claims they make."

Part 6Miscellaneous provisions

48QNo pecuniary penalty and fine for same conduct involving financial products or financial services

  1. A person cannot be ordered to pay a pecuniary penalty, or be liable for a fine, under the Financial Markets Conduct Act 2013 and be liable for a fine under this Act for the same conduct.

  2. A person that has, in respect of certain conduct, paid an amount in lieu of a pecuniary penalty under section 46A(1)(b) of the Financial Markets Authority Act 2011 is not liable for a fine under this Act for the same conduct.

Notes
  • Section 48Q: inserted, on , by section 8 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).