Registering a financial service provider from overseas

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, including acting 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, must register.

Some providers are exempt

Unless you are otherwise required to be licensed, you do not need to register if:

• you do not have a place of business in New Zealand, and
• you do not promote your services to New Zealand clients.

Confirming you meet the threshold

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, you must have achieved half of the threshold. That is:

• 5 New Zealand clients, and
• $5000 of transactions with New Zealand resident clients.

Who cannot 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 (the Regulations) 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 consumer credit provider
• 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.

You can find the warning statements in the Regulations.

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

Other help topics