Registering a financial service provider from overseas
The rules that apply
On this page:
- Who must register
- Confirming you meet the threshold
- Who can’t register
- Limitations on promoting registered status
Who must register
You are required to register on the FSPR if any of the following applies:
- You provide financial services to clients in New Zealand above a minimum threshold
- You are a reporting entity under the Anti Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), that provides financial services
- You offer licensed financial services
- You act as a financial adviser or a consumer credit provider.
FSPs that provide financial services to retail clients in New Zealand, but have no place of business here, are required to register.
See our related help guides
Some providers are exempt
Providers that don't have a place of business in New Zealand and that do not promote their services to New Zealand clients are exempt from registration requirements (unless they are otherwise required to be licensed).
Confirming you meet the threshold
To register as an FSP you must confirm that you expect to provide financial services to persons in New Zealand above the minimum annual business threshold, being:
- 10 New Zealand resident financial services clients, and
- $10,000 of financial services transactions in total with its New Zealand resident clients.
In the first 6 months after registration, the provider must have achieved half of the threshold, that is, 5 New Zealand clients and $5000 of transactions with New Zealand resident clients.
Who can't register
You cannot register on the FSPR if:
- you provide financial services solely to offshore clients
- you are an offshore FSP that provides financial services solely to wholesale clients in New Zealand.
Limitations on promoting registered status
The Financial Service Providers (Registration) Regulations 2020 introduced limitations on FSPs promoting their registration, and set out a ‘disclaimer statement’ that must be included on an FSP’s website if:
- the FSP is registered but not licensed in New Zealand
- the FSP is not a financial adviser or a certified person (in respect of the service of being a creditor under a credit contract)
- the provider refers to its FSPR registration (for example, in an advertisement or on its website) or New Zealand dispute resolution membership, other than where the reference is required by law or dispute resolution rules.
Any breach of the requirement to include the warning statement can result in deregistration from the FSPR. These statements can be found on the Government’s legislative website.
Other guides in
Registering a financial service provider (FSP)
- Preparing to register as a financial service provider
- Reporting entities under the AML/CFT Act
- Registering an FSP as an individual
- Registering an FSP as an entity
- Amending, withdrawing or discarding an application
- Criminal history checks
- Code of conduct for financial advice services
- Requirements for financial advice providers and financial advisers