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Financial Service Providers (Registration and Dispute Resolution) Act 2008

Dispute resolution - Financial service provider must be member of dispute resolution scheme

49F: Members of dispute resolution scheme must comply with rules and binding resolutions

You could also call this:

“Follow the rules and decisions of your dispute resolution group, or the court can make you”

If you’re part of an approved dispute resolution scheme, you must follow its rules. The person in charge of the scheme can ask the District Court to make you follow the rules or comply with a binding decision made under those rules.

If the court thinks a binding decision is very unfair, they can change it when they order you to follow it.

If the court orders you to pay money as part of following a binding decision, this order works like a court judgment for paying money. This means the court can make you pay if you don’t do it on your own.

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Topics:
Crime and justice > Courts and legal help
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49E: Giving revocation of certification or notification of opt out, or

"Telling a financial service provider you're cancelling approval or opting out of their dispute service"

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49G: Offence to fail to comply with District Court order, or

"Breaking the law if you don't follow a court order about solving problems with customers"

Part 3 Dispute resolution
Financial service provider must be member of dispute resolution scheme

49FMembers of dispute resolution scheme must comply with rules and binding resolutions

  1. A member of an approved dispute resolution scheme must comply with the rules of the scheme.

  2. On the application of the person responsible for the scheme, the District Court may make an order requiring a member of the scheme to do either or both of the following:

  3. comply with the rules of the scheme:
    1. comply with a resolution of a complaint that constitutes a binding resolution under those rules (a binding settlement).

      1. If the District Court is satisfied that the terms of a binding settlement of a complaint are manifestly unreasonable, the court's order under subsection (2) may modify the terms of the binding settlement.

      2. If an order requiring a member to comply with a binding settlement includes a requirement that the member pay an amount of money to a person, that order (or part of the order) may be enforced as if it were a judgment by the District Court for the payment of a sum of money.

      Notes
      • Section 49F: inserted, on , by section 27 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).
      • Section 49F(1): amended, on , by section 29 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2014 (2014 No 34).
      • Section 49F(2): amended, on , by section 261 of the District Court Act 2016 (2016 No 49).
      • Section 49F(3): amended, on , by section 261 of the District Court Act 2016 (2016 No 49).
      • Section 49F(4): amended, on , by section 261 of the District Court Act 2016 (2016 No 49).
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