The latest Deregistration notice on New Zealand’s Financial Service Providers Register (FSPR) website, published today, shows that 50 firms and individuals were removed from the register in March 2016.
The number of deregistered entities is way below the 215 entities that were removed from the register in February 2016. The count of deregistered entities is also much lower than in January 2016, when 136 firms and individuals lost their FSP registrations.
Regarding the reasons for the removal of these businesses and individuals from the FSP register, let’s note that they were all struck off in accordance with section 18(1) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008, which states:
Deregistration of financial service provider
(1) The Registrar must deregister a financial service provider after a notice period in accordance with sections 19 and 20, if the Registrar is satisfied that the provider—
(a) is no longer qualified to be registered in accordance with section 13; or
(aa) has failed to notify the Registrar of the name, business address, and membership number, as required by section 16(1)(ab); or
(b) is not in the business of providing a financial service (at any time after the expiry of 3 months after registration); or
(c) has been registered because of a false or misleading representation or omission; or
(d) has proffered an application fee or annual confirmation fee or levy that has subsequently been dishonoured, declined, or reversed.”
You can view the latest FSP deregistration notice by clicking here.