Plain language law

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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:

“You can't be fined twice for the same mistake with money stuff”

You can’t be punished twice for the same wrongdoing when it comes to financial products or services. If you’ve already been ordered to pay a penalty or fine under the Financial Markets Conduct Act 2013, you won’t have to pay another fine under the Fair Trading Act for the same action.

Also, if you’ve paid money instead of a penalty as part of an agreement with the Financial Markets Authority, you won’t have to pay a fine under the Fair Trading Act for that same behaviour.

This rule helps make sure that you’re not punished more than once for the same mistake or wrongdoing in the financial world.

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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.

Topics:
Money and consumer rights > Consumer protection
Money and consumer rights > Banking and loans
Business > Fair trading
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48P: Proceedings relating to financial products or financial services, or

“Rules for taking legal action about money-related products and services”

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

“The rule about proving claims doesn't apply to special financial papers”

Part 6 Miscellaneous 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).