If you get a remedial notice, it cannot ask you to pay compensation. A remedial notice must tell you why you are getting it. You will know the reasons because they are written in the notice.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS496781.
123: Licensed deposit taker must comply with remedial plan, or
"Follow the plan to fix problems if the Bank says you must"
125: Offence to contravene remedial notice, fail to give amended remedial plan, or fail to take steps to comply with remedial plan, or
"Breaking deposit taker rules can lead to a big fine of up to $2,500,000."
Neither a remedial notice nor a remedial plan may require the licensed deposit taker to pay compensation.
A remedial notice must set out the reasons for which it is given.
