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Registering an individual as an FSP

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Please check that there is no existing registration for the FSP you are trying to register. If you are unsure, please search the register before you start your registration.

 

A step-by-step guide to registering an individual financial service provider.

 

Overview of registration process

  1. Login with your username and password
  2. From the Online Services - Do It Now menu choose Register an FSP > Individual.

    To complete the online application you will need to supply the following information:
    • Full legal name and any other (or previous) names
    • Date of birth and gender
    • Residential address
    • Any trading names
    • Business address
    • Address for communication and email address
    • The financial services you provide, and
    • If an applicant provides services to retail clients, they will be required to provide their Dispute Resolution Scheme (DRS) membership details within 10 working days of registration as an FSP. If the DRS membership details are not provided within the required timeframe, the Registrar of Financial Service Providers may initiate deregistration.

      If you're applying to the Financial Markets Authority to be an Authorised Financial Adviser (AFA) you will need to supply the following additional information:
      • the reference code for the scope of your Financial Adviser Service;
      • details of any relevant criminal convictions (in NZ or overseas);
      • three testimonials (as described in the AFA Authorisation guide);
      • your Skills Organisation registration number and copies of any alternative qualifications; and
      • your QFE's registration number (if applicable).

        If you are not clear on any of these AFA requirements please contact the Financial Markets Authority for more information.
  3. Pay the relevant fees and submit your application.
  4. The FSPR will carry out a criminal history check and advise you of the result within one to five working days.

    Only one criminal history check is required per person within a 36 month period. If you're required to complete more than one FSP application (for example, an individual registration, and as a director of a company), to avoid multiple charges for criminal history checks you should make one application then wait for the criminal history check to be completed before submitting your next application. This will take two to five working days.

    Once you've received confirmation of your successful criminal history check from the Registrar you can submit any subsequent applications and you won’t be charged again for the criminal history check.
  5. Registration as a financial service provider is complete.
  6. If you require authorisation from the Financial Markets Authority to be an Authorised Financial Adviser (AFA), your application will automatically be submitted to them for approval. This only happens after registration as an FSP is complete.

    If you have selected any Reserve Bank or Financial Markets Authority (FMA) licensed services (except Authorised Financial Adviser (AFA)) you need to contact them to apply for your licence.
    Information on FMA’s licensing process can be found on their website
    Information on the Reserve Bank's licensing process can be found on their website
     
  7. The Financial Markets Authority will formally notify you that you have been granted authorisation and your status as an Authorised Financial Adviser will be published on the FSPR. The FSPR will notify you of this by email.

 

Application FAQs

Can I save my application to finish it another time?

Your application can be saved and exited at any time, until you choose to submit it. You may find you do not have all the relevant information available after you have started your application but you can save your form in a pending state and it will appear in My Unfinished Business on your dashboard. 

Note | We will automatically delete the application if it is left in a pending state, without changes, for 30 days.

 

Can I amend my application?

While your application is in a pending state (before it has been submitted to the Registrar) it can be amended at any time, by accessing your application through My Unfinished Business on your personalised dashboard (visible when you are logged in). Once your application has been submitted you won't be able to make any further changes until after the registration is complete.

 

What happens if I fail my criminal history check?

If you fail your criminal history check because you've had a relevant criminal conviction, you are disqualified from becoming a financial service provider and may not be registered.

 

What happens if my authorisation application is declined?

The Financial Markets Authority reviews your application for authorisation as an AFA and will consider whether or not you meet their requirements for authorisation. During the process, if they have any questions regarding your application the Commission will contact you directly. If your application is declined, the Commission will write to you outlining the reasons. 

You will still be a registered financial service provider and be a registered financial adviser. You may submit another application to become authorised at any time subsequently, should you wish to apply again.

 

Can I withdraw/delete my application?

If you've started an application to register an FSP and decided not to proceed, the application will remain in My Unfinished Business on your personalised dashboard for 30 days.  If you do not make any changes during that time, the application will be automatically deleted.

Once you have submitted your application, you will not be able to withdraw your application. If your application is accepted, you may decide to apply for deregistration (for example, if you are no longer in the business of providing a financial service).

 

Do I need to register as an individual if my employer is registered?

The Financial Services Providers (Registration and Dispute Resolution) Act 2008 requires the person or entity that carries on the business to be registered. Therefore if you are an employee of a financial services provider company you don't have to be registered unless you are offering certain financial adviser services as explained below.

If you provide financial adviser services, the requirement to register will depend on the types of financial adviser services you provide. If it's only class services or services to wholesale clients and your employer is a registered financial service provider, then you don't have to register individually. If you aren't a QFE adviser but are providing personalised financial adviser services to retail clients then you will need to be registered. You may also need to be authorised.

Please see the FMA's website for further information.

 

Last updated 13 September 2017