Deregistration under section 18 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (‘the Act’) can be requested by the financial service provider (voluntary deregistration), or may be initiated by the Registrar.
If a financial service provider (FSP) is no longer in the business of providing a financial service, or circumstances have changed that disqualify the FSP from continuing to be registered (for example, bankruptcy), the FSP must notify the Registrar and apply for deregistration.
An individual FSP registration belongs to the individual and is not tied to the organisation they may work for or have worked for in the past. An application for deregistration submitted on behalf of an FSP must be accompanied by a signed authority.
Note | Voluntary deregistration revokes the FSP’s registration and the FSP will no longer be able to offer financial services.
Reregistration is not possible after voluntary deregistration is accepted by the Registrar.
How do you voluntarily deregister your FSP?
You can request to voluntarily deregister your FSP online:
Step 1 - Login
Step 2 - Search the register for the FSP you wish to deregister, then select the FSP from the 'Search Results' screen.
Step 3 - Select My Tools then choose Request Voluntary Deregistration.
Step 4 – Enter the deregistration date.
Step 5 – Provide further information about the deregistration request in the Comments field.
Step 6 – If you are applying on behalf of an FSP you will be required to complete a 'Voluntary Deregistration Authority Form'. This form must be signed by the registered individual FSP or in the case of an entity, by someone who is authorised to sign on behalf of the FSP (preferably a director). Attach the ‘Voluntary Deregistration Authority Form’ by selecting the Browse… button. Select the Upload to Server button to attach your documentation.
Step 7 – Select the Submit button to send us request to deregister.
What happens next?
We will process your deregistration request within two working days and notify you via email of the outcome.
A public notice of deregistration will be placed against the FSP once deregistration has occurred.
Deregistration by the Registrar
The Registrar may deregister an FSP if:
- the Registrar has been notified that an FSP is no longer operating or qualified to operate;
- an FSP bas been registered because of false or misleading information;
- fees are dishonoured, declined, or reversed; or
- the annual confirmation is not filed.
If the Registrar takes action to deregister an FSP, the FSP is notified, and there is a 20 working day notice period for the FSP to object to the deregistration.
Objecting to the deregistration of an FSP
When the Registrar takes action to deregister an FSP, only the FSP may object to the proposed deregistration (under section 20 of the Act). Any objection must be received within the 20 working day notice period.
To object to the deregistration of an FSP:
Step 1 - Login
Step 2 - Search the register for the FSP you wish to notify the Registrar about.
Step 3 - Select My Tools then choose Lodge an objection.
Step 4 – Provide information about your objection in the Comments field.
Step 5 - Attach any supporting documentation by selecting the Browse… button. Select the Upload to Server button to attach your documentation.
Step 6 – Select the Submit button to send us your objection.
What happens next?
Once the objection is received we will process your request within two working days and notify you via email of the outcome. We may accept, reject or extend the objection period if necessary.
If your objection request is accepted we will cancel the deregistration of the FSP.