Who must register as a financial service provider (FSP)

Who must, who doesn't have to, who's exempt and who can't

Everyone in New Zealand in the business of providing a financial service, whether in New Zealand or overseas, must be registered on the Financial Service Providers Register (FSPR) before they can legally provide financial services. There are some exceptions and exemptions.

Who must register

Under the Financial Services Providers (Registration and Dispute Resolution) Act 2008, everyone who provides, or offers to provide, a financial service in New Zealand or from New Zealand to other countries must register as an FSP.

Who doesn't have to register

There are some individuals and organisations that don't need to register on the FSPR to provide financial services.

Employees who provide financial services

If you're an employee of a company that's a registered FSP, you don't have to register if you're providing only wholesale or class services (or both).

Qualifying Financial Entities (QFEs) advisers that don't need to register

If you're a QFE adviser, whether or not you need to register depends on the services you provide. The FMA website provides information to help you decide if you must register or not.

Businesses that provide financial services

Businesses that provide financial services as a necessary part of their practice don't have to register on the FSPR. This includes:

  • lawyers
  • chartered accountants
  • tax agents, and
  • real estate agents.

The full list is in Section 7 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

Who is exempt from registration

There are some activities and services that you don't need to be registered on the FSPR to provide. These include:

  • angel investors supporting start-up businesses
  • sole adviser practices — although you still need to register as an individual FSP
  • providers of gift cards and loyalty schemes.

The full list of exemptions is in the Financial Service Providers (Exemptions) Regulations 2010.

Who can't register as an FSP

You can't register or be involved in the management of a registered FSP if, for example, you:

  • are an undischarged bankrupt
  • are a prohibited director
  • are subject to a confiscation order under the Proceeds of Crime Act 1991, or
  • have been convicted of:
    • money laundering
    • an offence relating to the financing of terrorism
    • a crime involving dishonesty within the last 5 years.

All help topics

Using the Financial Service Providers Register (FSPR) 5 guides

Get help to search the FSPR, upload documents, set up your online services account and find out what to do if you forget your RealMe® username or password.

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).

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.

Applying to provide licensed services 6 guides

You can apply to become an authorised financial adviser (AFA) or Qualifying Financial Entity (QFE), or be licensed to provide other financial services. Find out who to apply to.

Filing an annual confirmation 3 guides

To remain registered as a financial service provider (FSP), every year you must confirm your FSP's details and services. Find out how to file your confirmation online or change the month you do it.

Managing your registration as a financial service provider (FSP) 6 guides

All FSPs must keep their details up to date. We may deregister your FSP if you don't comply, but you can reregister in some circumstances. You can also deregister voluntarily.

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.