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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Registration - Registration of financial service provider - Changes relating to financial service provider

17: Duty to notify changes relating to financial service provider

You could also call this:

“Financial service providers must tell the Registrar about important changes”

You need to tell the Registrar about certain changes if you’re a financial service provider or involved with one. Here’s what you need to know:

If you’re a financial service provider, you must tell the Registrar if:

  • You’re no longer qualified to be registered
  • You’re providing a financial service that you’re not registered for
  • Any of your details on the register are wrong, including information about your membership in an approved dispute resolution scheme

If you’re a licensing authority, you need to tell the Registrar if a financial service provider is no longer licensed.

If you’re responsible for an approved dispute resolution scheme, you must tell the Registrar if a financial service provider is no longer a member of your scheme. You also need to say:

  • If their membership was ended because of certain rules
  • If they haven’t done something they were told to do
  • If there are any unresolved complaints about them

If you’re a financial advice provider, you need to tell the Registrar when you hire a financial adviser or when a financial adviser stops working for you.

You have 10 working days to tell the Registrar about these changes from when you find out about them. If an approved dispute resolution scheme stops operating, you have 10 working days from when it stopped.

If you don’t tell the Registrar when you should, you might have to pay a fine of up to $10,000.

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Part 2 Registration
Registration of financial service provider: Changes relating to financial service provider

17Duty to notify changes relating to financial service provider

  1. Each of the following persons must notify the Registrar about the following relevant changes relating to a financial service provider:

  2. a financial service provider, if—
    1. the provider knows that the provider is no longer qualified for registration in accordance with section 13; or
      1. the provider is in a business of providing a financial service for which the provider is not registered; or
        1. the provider knows that any details on the register are no longer accurate, including information relating to the provider's membership of an approved dispute resolution scheme:
        2. the licensing authority, if the licensing authority knows that a financial service provider has ceased to be licensed:
          1. the person responsible for an approved dispute resolution scheme of which a financial service provider was a member, if the person knows that the provider is no longer a member of that scheme, in which case the person responsible must also notify the Registrar of the following matters:
            1. whether that provider’s membership was terminated under section 63(1)(ba); and
              1. whether any remedial action imposed on that provider by the scheme has not been carried out; and
                1. whether there is any unresolved complaint about that provider:
                2. a financial advice provider, if the provider engages a financial adviser:
                  1. a financial advice provider that is recorded on the register as having engaged a financial adviser, if the financial adviser is no longer engaged by the provider.

                    1. To avoid doubt, the notification obligations in subsection (1)(c) apply in relation to an approved dispute resolution scheme or a reserve scheme that has been discontinued (whether as a result of approval being withdrawn or for any other reason).

                    2. The time within which a person must notify the Registrar under subsection (1) is 10 working days from the date the person comes to know about the change or, in the case of an approved dispute resolution scheme or a reserve scheme that has been discontinued, within 10 working days of that discontinuance.

                    3. A financial service provider who breaches subsection (1)(a) commits an offence and is liable on conviction to a fine not exceeding $10,000.

                    4. A person who breaches subsection (1)(c), (d), or (e) commits an offence and is liable on conviction to a fine not exceeding $10,000.

                    Notes
                    • Section 17(1)(a): replaced, on , by section 16 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                    • Section 17(1)(a)(iii): replaced, on , by section 17(1) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                    • Section 17(1)(b): replaced, on , by section 16 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
                    • Section 17(1)(c): replaced, on , by section 17(2) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                    • Section 17(1)(d): inserted, on , by section 76(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                    • Section 17(1)(e): inserted, on , by section 76(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                    • Section 17(1A): inserted, on , by section 17(3) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                    • Section 17(2): amended, on , by section 17(4) of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
                    • Section 17(3): amended, on , by section 413 of the Criminal Procedure Act 2011 (2011 No 81).
                    • Section 17(4): amended, on , by section 76(2) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).
                    • Section 17(4): amended, on , by section 413 of the Criminal Procedure Act 2011 (2011 No 81).
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