Applying for a financial institution licence

New licences needed by some financial service providers

The Conduct of Financial Institutions regime (CoFI) introduces a new regulatory regime to ensure registered banks, licensed insurers and licensed non-bank deposit takers comply with the fair conduct principle when providing one or more relevant services to consumers in New Zealand.

If you’re a registered bank, licensed insurer, or a licensed non-bank deposit taker providing a relevant service to consumers in New Zealand you will need to hold a financial institution licence by 31 March 2025 to continue providing those services. Applications for licensing opened on the Financial Markets Authority (FMA) website on 25 July 2023.

Update the FSPR before you apply

Before you apply on the FMA website for your licence you need to update your details on the FSPR by adding the ‘Financial Institution- licensed - Licensee’ service.

  • If you have any FSPs that will be included on your licence as Authorised bodies, those FSPs must also add the ‘Financial institution – licensed — Authorised body’ service  to their registration.

To update your details on the register, follow these steps:

  1. Log in to your online services account using your RealMe® details.
  2. From the dashboard, use either the search options or the 'FSP registrations' tab to find and select the FSP that you need to update.
  3. Select the 'Financial Services' tab then select 'Maintain Financial Services'.
  4. Now select the 'Financial Institution- licensed - Licensee’ service.
    Note - Authorised bodies updating their details would select the ‘Financial institution – licensed — Authorised body’ service
  5. On the 'Declaration' tab, confirm that you’ve read and understood the declaration.
  6. Select the 'Review' tab and check the information you've entered.
  7. Confirm that the details you’ve provided are true and correct.
  8. Click on 'Submit'.
Update details for an FSP

What happens next?

Once your updated details are recorded on the FSPR you can start your financial institution licence application with the FMA.

Everything you need to know about the CoFI Act is on the FMA website – including guides to help you understand who needs a licence and how to make your application.

All help topics

Getting started on the register 6 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).

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

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.