Under the FSP Act 2008 the FMA can direct deregistration of registered financial service providers when the FMA considers it necessary and desirable to do so after taking into account the criteria set out in section 18A of the FSP Act. Section 42 of the FSP Act provides a right of appeal to the High Court in the event a financial service provider is not satisfied with the FMA’s direction.
FMA directed to deregister Excelsior from FSPR as no financial services relating to the substantive operations of Excelsior were being provided from its place of business in Auckland and that the services provided were administrative in nature.
Justice Nation delivered his judgment dismissing Excelsior’s appeal.
Hearing before Justice Nation in the High Court at Auckland
Excelsior filed a Notice of Appeal pursuant to section 42 FSP Act appealing the FMA’s direction to the Registrar of the Financial Service Providers Register that it de-registers Excelsior.
Under section 18B FSP Act, the FMA directed the Registrar of the Financial Service Providers Register to de-register Excelsior.