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What is deregistration?

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The Registrar must deregister a financial service provider after a 20 working day notice period if it:

  • is no longer qualified to be registered;
  • is not (after 3 months), or is no longer, in the business of providing a financial service;
  • has been registered because of a false or misleading representation or omission;
  • has paid an application fee, annual confirmation fee, or dispute resolution levy, that has been dishonoured, declined, or reversed; or
  • has not filed its annual confirmation.

 

The financial service provider may object to deregistration within the 20 working day notice period under section 20 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

The Registrar must deregister a financial service provider if the provider voluntarily requests deregistration online.

If a financial service provider is deregistered, it can no longer legally provide financial services, and it should not hold itself out as being able to do so.
 

Last updated 25 June 2010