The role of the Financial Service Providers Register (FSPR)

The FSPR is a searchable register of individuals, businesses and organisations that provide financial services in New Zealand.

The objectives of the FSPR

The register’s main objectives are to:

• promote transparency of public information related to financial service providers (FSPs), the financial services they provide, and the dispute resolution scheme (DRS) to which they belong
• ensure individuals with specific criminal convictions are prevented from being an FSP or involved in the management of FSPs
• help New Zealand comply with its international obligations to prevent money laundering and the financing of terrorism, and
• provide a single place online where FSPs can meet their registration and compliance requirements.

The FSPR was established under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 .

Who manages the FSPR

The FSPR is managed by the Companies Office, a business unit within the Ministry of Business, Innovation and Employment.

The Registrar of Companies is responsible for the FSPR.

Information we hold on the FSPR

Information we hold on the FSPR:

• helps us meet our objectives
• assists FSPs to comply with legislation, and
• provides help and protection to customers of FSPs.

Types of FSPs

The register holds information about different types of financial service providers, including:

• Financial advice providers and financial advisers
• Registered banks and non-bank deposit takers
• Credit providers and finance companies
• Foreign exchange traders and foreign currency changers
• Fund managers, investment portfolio managers, and those who provide custodial services
• Insurers
• Issuers.

Not all individuals or businesses providing financial services are required to register on the FSPR. There are some exemptions that apply to professionals such as lawyers, chartered accountants, tax agents and real estate agents, who provide financial services as a necessary part of their practice.

Details about each FSP

The register contains information about each registered FSP, including:

• their name, along with any trading names
• their registration number (FSP number) and registration date
• their business address
• the name and address of the DRS the FSP belongs to, if it needs to
  for the financial services they’re registered to provide
• if any financial service is licensed, the name and address of the relevant licensing authority — for example, the Financial Markets Authority or the Reserve Bank of New Zealand.

Licensed services

Licensed financial services are covered under the following legislations.

• Reserve Bank of New Zealand Act 1989
• Insurance (Prudential Supervision) Act 2010
• Financial Markets Supervisors Act 2011
• Financial Markets Conduct Act 2013
• Non-bank Deposit Takers Act 2013.