Registering a financial service provider from overseas

New rules apply

Regulations introduced on 15 March 2021 included new rules for registering as an FSP from outside of New Zealand, and measures to address misuse of the Financial Service Providers Register (FSPR).

Financial Service Providers (Registration) Regulations 2020 New Zealand Legislation website

Who must register

You are now 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, that provides financial services
  • you offer licensed financial services
  • you act as a financial adviser or a consumer credit provider.

Regulatory changes for financial advice

Reporting entities under the AML/CFT Act

FSPs that provide financial services to retail clients in New Zealand, but have no place of business here, are required to register. Providers in this category must complete registration by 16 December 2021.

Providers that do not 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, an FSP must now confirm that they expect to meet a minimum business threshold.

What is the threshold?

Who can't register

From 15 March 2021, you can no longer register on the FSPR if:

  • you provide financial services solely to off-shore clients
  • you are an offshore FSP that provides financial services solely to wholesale clients in New Zealand.

Existing FSPs that do not meet the new conditions will be deregistered.

Limitations on promoting registered status

The new regulations introduce 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.

Financial Service Providers (Registration) Regulations 2020 New Zealand Legislation website

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

To register as a financial service provider you must apply online. The process depends on what kind of provider you are — an individual or an entity.

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

You need to be licensed or certified to provide certain financial services. Find out who to apply to.

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

All FSPs must keep their details on the register up to date. We may deregister your FSP if you fail to meet your obligations.

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.