Total of 119 financial service providers get removed from NZ FSP register in September

New Zealand’s financial authorities have solidified their strict image, as a total of 119 individuals and companies were deregistered from the Financial Service Providers Register (FSPR) in September 2015.

The latest Deregistration Notice was published on the FSPR website earlier today.

All of the companies and individuals mentioned in the notice have been deregistered under section 18(1) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008. Here is what this part of the Law states:

“18. 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.”

Deregistrations from the FSPR have already been challenged several times. A recent example comes from Forex broker Excelsior Markets which took the Financial Markets Authority (FMA) to court over its decision to strike off the broker from the FSPR in May 2015. The case is currently reviewed by the High Court at Auckland.

You can view the latest Deregistration Notice by clicking here.

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