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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Dispute resolution - Approval of dispute resolution schemes - Withdrawal of approval

61: Effect of withdrawal of approval on members of dispute resolution scheme

You could also call this:

“What happens to members when a dispute resolution scheme loses approval”

When a dispute resolution scheme loses its approval, it affects the members of that scheme in two ways. First, you stop being a member of that scheme right away. Second, you need to do two important things:

  1. You must make sure you follow the rules in section 17. This section talks about being part of an approved dispute resolution scheme.

  2. You must keep following the rules in section 48. This section is about how to handle complaints from your clients.

These rules are there to make sure that even if your dispute resolution scheme is no longer approved, you still follow the right procedures for dealing with disputes and complaints.

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Topics:
Money and consumer rights > Consumer protection Business > Industry rules
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60: Notification and publication of withdrawal of approval, or

"Minister must tell everyone when a dispute resolution scheme is no longer approved"

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Part 3 Dispute resolution
Approval of dispute resolution schemes: Withdrawal of approval

61Effect of withdrawal of approval on members of dispute resolution scheme

  1. When a dispute resolution scheme's approval is withdrawn, each member of the scheme—

  2. ceases to be a member of that scheme; and
    1. must ensure that—
      1. the member's obligations under section 17 are complied with; and
        1. the member continues to comply with section 48.

        Notes
        • Section 61: replaced, on , by section 35 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
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