Improving the financial service provider regime
2013 Media Statement
Improving the financial service provider
Commerce Minister Craig Foss today
announced Cabinet had agreed to strengthen the financial
service providers registration regime.
makes information about providers available and ensures
consumers have access to free dispute resolution
services,” says Mr Foss.
The rules include new
powers to investigate providers and prevent their
registration, or remove them from the register.
“The proposed changes will further help prevent the
misuse of the register by overseas entities trying to take
advantage of New Zealand’s reputation.
measures will help maintain New Zealand’s reputation as a
trusted place to do business and work towards achieving the
Government’s Business Growth Agenda outcomes.
“They build on the government’s reforms to
strengthen the company registration regime and improve
anti-money laundering and anti-terrorist funding efforts,”
says Mr Foss.
The changes will:
Provide the FMA with the ability to direct the Registrar to
decline registration or to de-register an FSP where the FMA
is not satisfied that registration is necessary or desirable
in light of the purposes of the Act.
the Registrar’s inspection powers to seek any information
necessary to determine whether an FSP should be registered
including whether an application should be referred to the
• Disqualify persons with overseas criminal
convictions for theft, fraud or money laundering within the
past five years from registration. Those with New Zealand
criminal convictions are already disqualified.
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