Financial service providers (FSPs) need to be registered on Financial Service Providers Register.
If you're providing certain financial services you also need to be either licensed or certified. Some financial service providers are also reporting entities under the AML/CFT Act so have extra responsibilities.
Once registered, you need to comply with the requirements of the legislation, including keeping your details up to date on the register.
Financial advisers must be engaged by a licensed Financial Advice Provider (FAP). Once they've been engaged, the FAP needs to link to the financial adviser on the FSPR.
Financial advisers also need to meet certain duties and obligations, such as complying with the Code of Professional Conduct.
Financial advice provider transitional licences expire in March 2023, and should apply for a full licence before the target dates.
Time to file your annual confirmation?
To remain registered, every year you must confirm your FSP's details and services with us.
It's a 2-step process. Begin by checking that your details are up to date, then file your annual confirmation.