When you register as an FSP or update your details on the Financial Service Providers Register (FSPR), you must tell us which services you provide to clients and customers.
Confirming the services you provide
When you apply online to register as an FSP, you need to select all the services that you intend to provide soon after you're registered from a list that's part of the application form. After you're registered you must keep the list of services you provide up to date on the FSPR.
Services that FSPs must declare when they register come under Section 5 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008. The legislation provides a list of the services.
You must be licensed by the Financial Markets Authority (FMA) or the Reserve Bank of New Zealand to provide some financial services. You can apply to register on the FSPR before you're licensed to provide those services, although they won't show on your registration until the FMA or Reserve Bank confirm that you're licensed.
We can't complete your registration on the FSPR before you're licensed, if your FSP:
- only provides licensed services
- is a bank — all banks must be registered with the Reserve Bank before they register on the FSPR.
Financial Markets Authority (FMA) licensing
The FMA licenses a range of financial services, and authorises financial advisers and Qualifying Financial Entities (QFEs).
Licensed market services
You need to be licensed by the FMA to provide financial services — for example, if you're:
- the manager of a registered scheme (other than a restricted scheme)
- an independent trustee of a restricted scheme
- a Discretionary Investment Management Service (DIMS) provider
- a derivatives issuer
- a peer-to-peer lending service
- a crowd-funding service.
Authorised financial providers
You apply to the FMA to become:
- an authorised financial adviser (AFA)
- a qualifying financial entity (QFE).
You apply for authorisation on the FSPR. The FMA then uses the FSPR to review your application.
Reserve Bank registration and licensing
You need to apply to the Reserve Bank of New Zealand to be: