The Financial Service Providers (Registration and Dispute Resolution) Act 2008 (‘the Act’) was passed into law on 29 September 2008. Registration for most financial service providers (FSPs) became compulsory on 1 December 2010, after which date most FSPs needed to be registered to legally provide their services. The key objectives of the register are to:
Provide an electronic register of FSPs, as mandated by the Financial Service Providers (Registration and Dispute Resolution) Act 2008;
Increase the level of transparency of public information related to FSPs, their licensed services and their related dispute resolution schemes;
Ensure certain people are prevented from being involved in the management of FSPs, such as those with specific criminal convictions;
Assist New Zealand to comply with its international obligations to prevent money laundering and the financing of terrorism;
Provide a ‘one stop shop’ to enable Financial Service Providers to meet registration and authorisation requirements via a single web page.
Myfi NZ is compliant with NZ law and has registered as a financial Service Provider. Myfi NZ FSP number is FSP 526046. Myfi NZ is also a member of Financial Service Complaint Ltd, an approved consumer dispute resolution (EDR) scheme in order to provide services to retail clients. Financial Service Complaint Ltd can be contact on 0800 347257.
Myfi NZ products are only suitable for short-term needs. They are not suitable for long-term or regular borrowing.