Transitional licensing and sole advisers

New regulations offer a levy relief for sole advisers, find out if you and your company are eligible.

Last updated 16 September 2020

If you’re an individual relying on the sole-adviser exemption and you wish to operate in a similar manner in the new regime, you may be thinking about registering your company on the FSPR as a financial advice provider.

The registration fees for a company on FSPR include an FMA levy of $480.00 (plus GST). However, new regulations offer relief from this levy for those who:

  • rely on a sole-adviser exemption in the current regime, and
  • have registered a company on the FSPR after 25 November 2019 and indicated the company’s intention to apply for a transitional financial advice provider licence or to be an authorised body under another financial advice provider’s licence.

On 1 July 2020 the FMA levy increased from $460 (plus GST) to $480 (plus GST). The amount you are entitled to by way of relief will depend on when you paid your registration fees.

If you have already registered and applied for your licence

If you registered your company on the FSPR between 25 November 2019 and 18 March 2020, you would have been charged the FMA levy and you will need to apply for the relief. To do this, please fill out the 'Request for FMA levy relief' form.
Request FMA levy relief

If your application is accepted, the FMA levy should be reimbursed within 12 working days.

More information

For information on how you may structure your business as a sole adviser, please visit the FMA’s website.

You might also want to read our help guide on how to register a company or entity on the FSPR.

See the FMA Levies Amendment Regulations