If your entity is not already registered with the Companies Office and you're not applying to become an individual financial adviser, then you register to become a financial service provider (FSP) as an Other Entity. When you apply you can also submit an application to become a Qualifying Financial Entity (QFE).
Entities that use this process to register
Examples of Other Entities are:
- an overseas company or partnership that's not on the Companies Office Overseas Register, or
- a NZ joint venture, trust or a partnership.
Before you start
You'll need to gather information for your application.
You pay the following amounts to register an NZ-registered entity as an FSP:
- an application fee of $300 (plus GST)
- a Financial Markets Authority (FMA) levy of $460 (plus GST) and,
- $35 (plus GST) to cover the cost of criminal history checks for anyone who has not undergone a successful check within the last 36 months — this includes people in your application in the role of a director, senior manager or controlling owner.
If you're also applying to become a QFE, you pay a registration fee of $4248.89 (plus GST).
After you start your application you can save and exit it at any time. You can find it again in My Unfinished Business on your dashboard.
You can amend your application before you submit it, but you can't withdraw it after it's been submitted to us.
1. Start your application
To apply for registration you need to have:
- a RealMe® login
- an online services account with the Financial Service Providers Register (FSPR).
Log in and follow these steps.
- From the Do it now menu on your dashboard, choose Register an FSP, then Other entity.
- Complete the application using the information you've gathered, including:
- any trading names your entity uses
- your contact details
- the month you'll file your annual confirmation
- the financial services you intend to provide
- details of your membership of a Dispute Resolution Scheme (DRS), if applicable
- whether you're applying to the FMA to be a QFE and have submitted your Adviser Business Statement to them.
- Enter details of the directors, controlling owner and senior managers of your FSP, if applicable.
- Confirm that your directors, controlling owner and senior managers are not disqualified from being involved in your FSP.
- Select the Review tab to check the information you've entered.
- Select Submit to send us your application.
2. We review your application
We review your application before you pay. When our review is complete we contact you by email advising you to continue with your application or letting you know if there are any issues we need to resolve first.
3. Complete your application
Log in and follow these steps.
- Find your application under My Unfinished Business on your dashboard.
- Select Submit and pay to pay any fees that are due. Choose a payment option and enter the email address you would like the tax invoice sent to.
- Select Process payment to complete your application.
4. We process your application
After we receive your application, we carry out criminal history checks. These take 2 to 5 working days.
If the criminal history checks are successful we send you confirmation that your registration is complete. You can then provide services that you don't need to be licensed for.
Providing licensed services
Before you provide any licensed services, you must be registered and licensed to provide those services. If you've applied to provide licensed services only, then you need authorisation from a licensing authority — for example the FInancial Markets Authority (FMA) — for at least 1 of those services before we can complete your registration.
If you're also applying to be a QFE
If you've applied for QFE status from FMA, we submit your application to them for approval after your FSP is registered.
If the FMA has any questions about your application they contact you directly. You can contact them to find out how your application is progressing.
If your application is declined, they'll write to you outlining the reasons. You'll still be a registered FSP and you can submit another application to become a QFE at any time.
After your entity is registered
After your FSP is registered on the FSPR, you need to:
- if applicable, provide details of your Dispute Resolution Scheme (DRS) within 10 working days of being registered
- file an annual confirmation every year.
If you don't do this we can deregister your FSP.