The Registrar may decide to deregister an FSP, or be instructed to do so. Where we’ve initiated the deregistration, we'll notify you of our decision and you'll have 20 working days to lodge an objection.
Reasons we deregister an FSP
We may deregister an FSP for any of the following reasons:
- its registration was accepted based on false or misleading information
- payments of fees are dishonoured, declined or reversed
- where required to, it failed to join a dispute resolution scheme (DRS) within 10 working days of registering or being engaged by a financial advice provider
- it failed to file its annual confirmation
- we're notified by another agency that the FSP is no longer operating or qualified to operate — for example, by the Financial Markets Authority (FMA) or the Financial Advisers Disciplinary Committee (FADC). Should this be the case, registration is immediate and no notice is given.
Receiving notice of intention to deregister
If we take action to deregister your FSP, we’ll notify you first by email and also send you a letter. This contains information about how to object and the final date for lodging an objection.
How to object to deregistration
Only someone with authority to act for an FSP can lodge an objection, and they must do so within 20 working days of receiving email notification of our intention to deregister the FSP.
While you're not required to login to complete this request, you must have the following:
- a RealMe® login
- an online services account with the FSPR
- authority to act for your FSP.
To lodge an objection to the deregistration of an FSP complete and submit our objection form.
Object to the deregistration of an FSP
What happens next
After we've considered your objection, we’ll email you the outcome. We may accept, reject or extend the objection period, if necessary.
If your objection is accepted, we’ll cancel the deregistration of your FSP.
If we reject your objection, we’ll notify:
- you — and let you know that you have the right to appeal the decision in the High Court (or the District Court if relevant)
- any authorities you're licensed by to provide financial services — that is, the FMA or the Reserve Bank
- the DRS you belong to, if applicable
- the public, by placing a notice of deregistration against your FSP on the Financial Service Providers Register (FSPR).
In some cases you may be able to reregister, but you must do that within 60 days of being deregistered.