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(b) keeping, investing, administering,or managing money, securities, orinvestment portfolios on behalf ofother persons;(c) being a registered bank;(d) providing credit under a creditcontract;(e) giving financial guarantees;(f) participating in an offer of securitiesto the public either of as an issuerof the securities or as the promoter(including as a trustee, unittrustee, superannuation trustee ormanager);(g) operating a money or value transferservice or foreign exchange;(h) acting as an insurer; or(i) entering into derivative transactionsor futures contracts.Being “in the business of providing afinancial service” means carrying ona business of providing or offering toprovide a financial service (whetheror not the business is the provider’sonly business or principal business).There are a number of exceptions towhether a person will be regarded asbeing “in the business of providinga financial service”. The exemptionsinclude certain professions such aslawyers, conveyancers, charteredaccountants and real estate agentswho are providing a service in theordinary course of their business,certain government departments andnot-for-profit entities offering freefinancial services.There are significant penalties if anyperson who is in the business ofproviding a financial service is notregistered. A fine of up to $300,000may be imposed for failure to register. Adirector who knowingly fails to preventthe offence also commits an offence.Before a financial service provider canapply for registration, it must join anapproved dispute resolution scheme ifit provides financial services to “retailclients”. A retail client is any personwho receives a financial service who isnot a “wholesale client”. A wholesaleclient is one who, for example, receivesa financial service as a part of their ownbusiness of providing a financial service,persons whose principal business is theinvestment of money, large companiesor certain Crown entities.For each scheme there is an annualmembership fee payable and if acomplaint is made, further fees will beincurred, usually dependent on thelevel to which the complaint escalates.Once a financial service provider hasjoined a dispute resolution scheme,it can register online. The Registrarof Financial Service Providers willcarry out a criminal records check oneach of the individuals named in theapplication for registration (the director,controlling owner and senior manager).This will take two to five working daysand, provided the checks are clear,registration will then be complete.A financial service provider has anobligation to update its details annuallyand to notify the Registrar if theybecome disqualified from providingfinancial services.14