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ARTICLE · 19 DECEMBER 2008

Regulation Of Financial Service Providers

DLA Piper Australia
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While the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act), which provides a regulatory framework for registration of all financial service providers, received Royal Assent on 29 September 2008, much of the detail is to follow in Regulations yet to be promulgated.

AustraliaFinance and Banking
Sue Brown
Sue Brown
Tracey Cross
Tracey Cross
Alasdair McBeth
Alasdair McBeth
Rachel Taylor
Rachel Taylor

While the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act), which provides a regulatory framework for registration of all financial service providers, received Royal Assent on 29 September 2008, much of the detail is to follow in Regulations yet to be promulgated.

The FSP Act prohibits any person from being in the business of providing financial services or holding out that they are in the business of providing financial services unless they are registered under the Act.

The business of providing a financial service does not have to be the only, or even the principal, business of that person.

Certain persons such as lawyers, chartered accountants, tax agents, and real estate agents will not be covered by the FSP Act if the financial services they provide are a necessary incident of their professional practice. A specific exemption is also provided for non-profit organisations that provide free financial services.

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