Discussion Paper

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6. Process for Approval of Scheme

Lodging an Application for Approval

172. A scheme seeking approval should lodge a written application with the Minister of Consumer Affairs.

173. An application for approval should include a cover letter addressed to the Minister and must include documentation that clearly indicates how the scheme meets the approval criteria of section 51(2) of the Financial Service Providers Act:

• The rules about the scheme (which may be contained in a number of different documents such as code of conduct, terms of reference and constitution);
• Any other prescribed information concerning the mandatory approval considerations. (There are currently no additional prescribed requirements.)

174. The Minister will acknowledge receipt of the application. The Minister can only make a decision on the application following consultation with the Ministers of Finance and Commerce. It is anticipated that the approval process will take 3 – 6 months.

Notification and Publication of Decision

175. The Minister will provide applicants with written notification of the outcome of their application. If the application has been successful, the approval will be published in the Gazette. The details of the scheme, and the name and business address of the person responsible for the scheme, will be made available to the public at the Ministry of Consumer Affairs' head office and internet site.

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