Complaining about a financial service provider (FSP)

What to do and who to contact if you have a complaint about an unregistered or registered FSP

Who you can make a complaint about

You can complain about:

  • an unregistered financial service provider (FSP)
  • a registered FSP (such as a financial adviser or Financial Advice Provider (FAP))
  • the conduct of an FSP.

FSPs include:

  • brokers
  • building societies
  • credit providers
  • credit unions
  • finance companies
  • financial advisers
  • foreign currency exchange dealers
  • fund managers
  • issuers
  • insurers
  • investment portfolio managers
  • money changers, and
  • registered banks.

Complaints about unregistered FSPs

All FSPs must be registered on the Financial Service Providers Register (FSPR) in order to legally conduct their business. This is in addition to any other licences or authorisations they may be required to hold under other laws.

It is an offence:

  • for anyone who lives or has a place of business in New Zealand to provide a financial service if they're not registered on the FSPR
    (Section 11(1), Financial Service Providers (Registration and Dispute Resolution) Act 2008)
  • for a person to say that they are registered, able or willing to provide a financial service if they are not registered on the FSPR
    (Section 12, Financial Service Providers (Registration and Dispute Resolution) Act 2008).

Financial Service Providers (Registration and Dispute Resolution) Act 2008 — Sections 11 and 12 External link New Zealand Legislation

Before lodging your complaint, search the FSPR to check if the person or business is a registered FSP.

Searching the FSPR

Who must register as an FSP

Making a complaint

Who you complain to depends on the service the FSP provided to you.

Contact the Financial Markets Authority (FMA) to make a complaint about:

  • a financial adviser
  • a broker
  • a credit provider, credit union or finance company
  • a money changer or foreign currency exchange dealer
  • a fund manager or investment portfolio manager
  • an issuer.

Make a complaint to the FMA External link Financial Markets Authority

Contact the Reserve Bank of New Zealand to make a complaint about:

  • a registered bank or building society
  • an insurer
  • a non-bank deposit taker.

Contact details for the Reserve Bank External link Reserve Bank

Complaints about registered FSPs

It is a criminal offence for a disqualified person to:

  • act as an FSP personally, or
  • act in a management or controlling ownership role in a financial services business.

Section 14 of the 2008 Act describes people who are disqualified.

Financial Service Providers (Registration and Dispute Resolution) Act 2008 — Section 14 External link New Zealand Legislation

FSPs also have to:

  • be registered for the different types of financial services they provide, and
  • hold the relevant licence if they provide a licensed service.
    For example, a crowd funding service can only be provided by a Financial Service Provider (FSP) that is licensed by the FMA.

Providing licensed or certified services

Making a complaint

If you have evidence that a registered FSP is disqualified under the 2008 Act or is providing a service for which they are not registered or licensed, who you complain to depends on the service the FSP provided to you.

Contact the Financial Markets Authority (FMA) to make a complaint about:

  • a financial adviser
  • a broker
  • a credit provider, credit union or finance company
  • a money changer or foreign currency exchange dealer
  • a fund manager or investment portfolio manager
  • an issuer.

Make a complaint to the FMA External link Financial Markets Authority

Contact the Reserve Bank of New Zealand to make a complaint about:

  • a registered bank or building society
  • an insurer
  • a non-bank deposit taker.

Contact details for the Reserve Bank External link Reserve Bank

Complaints about financial advisers or financial advice providers

All Financial Advice Providers (FAPs) and financial advisers are supervised by the Financial Markets Authority (FMA).

If you have a complaint about the conduct of a financial adviser or FAP, lodge your complaint directly with the FMA.

Make a complaint to the FMA External link Financial Markets Authority

Consumer complaints about the conduct of an FSP

If you are a consumer of financial services and you have a complaint about your FSP, contact them first to see if they can resolve the issue. If you are not satisfied with the outcome, you can then take your complaint to the FSP's Dispute Resolution Scheme (DRS).

To find out which DRS your FSP belongs to, search the FSPR.

Searching the FSPR

The Consumer Protection website has more information for consumers about DRSs.

What lenders must do — Financial dispute resolution schemes External link Consumer Protection