Keeping your dispute resolution scheme (DRS) details up to date

How to add and update information about your scheme

If you are required to join a dispute resolution scheme (DRS), you must record and maintain details of your membership on the register. If your details are not kept up to date, we may deregister your FSP.

When your DRS details are needed

Details of your DRS membership must be added to the register within 10 working days of your registering as a financial service provider (FSP), or becoming engaged as a financial adviser by a financial advice provider (FAP) (should you not be covered by their scheme).

Once you’ve registered as an FSP, you’ll need to update your DRS details on the register if you:

  • change your DRS provider, or
  • cease to rely on a financial advice provider’s DRS, and take out your own membership.

How to update DRS details

Before you can enter details for your DRS, you must have:

  • a RealMe® login
  • an online services account with the FSPR
  • authority to manage information on behalf of the FSP

There are two places DRS details may need to be updated

1. Financial services other than financial advice

To enter or update DRS details when providing financial services other than ‘financial adviser’, follow these steps:

  1. Log in to your online services account.
  2. From the dashboard, use either the search options or the ‘FSP registrations’ tab to find and select the FSP.
  3. Select the ‘Financial Services’ tab, and click on the button labelled ‘Maintain Financial Services’.
  4. Scroll to the bottom of this screen to the heading ‘Dispute Resolution Scheme’.
  5. Select your DRS from the drop-down list and enter your membership number in the field provided.  If you are exempt from joining a DRS, select ‘Exempt’ from the drop-down list and provide details of the section in the Act or Regulations that apply to you.
  6. Read the declaration and confirm that you’ve done so.
  7. Review the information you have entered.
  8. Click on ‘Submit’.

2. Financial advisers engaged by a FAP but not covered by its DRS

If you are providing the financial advice service as a financial adviser, and the FAP you are engaged by will not be covering you under their DRS membership, you’ll need to join a DRS in your own name and add the details of your membership to that FAP engagement on the register.

To do this, follow steps 1-3 above and then:

  1. Locate the FAP engagement under the ‘Financial Advice Service’.
  2. Select your DRS from the drop-down list and enter your membership number in the field provided.
  3. Read the declaration and confirm that you’ve done so.
  4. Review the information you have entered.
  5. Click on ‘Submit’.

We’ll send you an email to confirm that your changes have been registered.

Update DRS details

All help topics

Getting started on the register 4 guides

A new financial advice regime came into effect on 15 March 2021 which also brought about changes to the Financial Service Providers Register.

Registering a financial service provider (FSP) 9 guides

Dispute resolution schemes (DRSs) 2 guides

If you provide financial services to retail clients, you must join a DRS within 10 working days of registering and keep your membership details up to date on the Financial Service Providers Register (FSPR).

Providing licensed or certified services 5 guides

Filing an annual confirmation 3 guides

To remain registered as a financial service provider (FSP) you must confirm your FSP's details and services each year. Find out how to file your confirmation online, or to change the month you do it

Managing your registration as a financial service provider (FSP) 6 guides

Deregistration and reregistration 3 guides

You can voluntarily deregister a financial service provider (FSP), or it may be deregistered by the Registrar. In some circumstances you can object to a deregistration, or apply to have the FSP reregistered.

Paying fees and levies 3 guides

If you're a financial service provider (FSP), you pay fees for some transactions, including registration. You also pay levies to the Financial Markets Authority (FMA). There are several ways to pay.

Managing your online services account 6 guides

Your FSPR online services account allows you to keep your FSP's contact and payment details up to date. From your account dashboard you can view and manage outstanding applications and tasks.