The Financial Service Providers (Registration and
Dispute Resolution) Act 2008 (Act), was passed on 25 September
2008. It forms part of the wider legislative reform of New
Zealand's financial services industry - representing the
umbrella legislation for the measures introduced by the Reserve
Bank of New Zealand Amendment Act 2008 and the Financial Advisers
Act 2008. The Act aims to provide a basic regulatory framework for
registration for all financial service providers.
The main provisions
The Act establishes a system of registration for all financial
service providers and requires that they all belong to a dispute
resolution scheme.
The Act applies to those in the business of providing a
financial service (although this does not have to be the only, or
even the principal, business of that person). Lawyers, chartered
accountants, tax agents, and real estate agents will not be covered
by the Act if the financial services they provide are a necessary
incident of
