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Unit Standard No.12164Page 143

THE ROLE, POWERS AND DUTIES OF THE REGISTRAR

Similar to other Acts administered by the FSB, the Act creates a Registrar, being the Executive Officer of the Financial Services Board.  There is also an Advisory Committee which is representative of both industry and consumers, with whom the Registrar must consult on important issues affecting the Act and the implementation thereof.

In terms of the legislation, the Registrar is empowered to:

Approach a court for an order restraining a person from contravening the Act or requiring a person to take remedial steps.

Declare a business practice undesirable by giving notice in the gazette and thereby prohibit the FSP from continuing the practice.  In terms of this, the Registrar could withdraw or suspend the licence of an FSP, effectively closing down the business.

Institute action in a court of law against any person who contravenes this Act for payment of compensation on behalf of another person and punitive damages.

Institute civil proceedings on behalf of any person against an FSP and claim compensation plus punitive damages, similar to what is known as a class action.

INSMAT final materials31/10/03

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