FMA levies are changing on the Financial Service Providers Register

New Financial Markets Authority (FMA) levies come into force on 1 July 2020

The levies are increasing to provide the FMA with the funding it needs to continue promoting and facilitating the development of fair, efficient and transparent financial markets, and to help enact the new financial advice regime.

The Companies Office has the responsibility of collecting these levies, through its registers, on behalf of the FMA.

For a detailed breakdown of the new levies, please see below.

FMA levies when registering as an FSP

Existing FMA levy
FMA levy from 1 July 2020
$460 $480

FMA levies when filing your annual confirmation

All registered Financial Service Providers must pay FMA levies as part of their annual confirmation. The levies you pay depend on the services you provide.

Registered banks and non-bank deposit takers - Class 2

The amount you pay depends on the total assets of your bank or non-bank deposit taker.

All levies are in New Zealand dollars (NZD) and exclude GST.

Total assetsExisting FMA levyFMA levy from 1 July 2020
Exceed $50 billion $535,000 $900,000
Exceed $10 billion but not $50 billion $130,000 $240,000
Exceed $2 billion but not $10 billion $38,000 $72,600
Exceed $1 billion but not $2 billion $22,000 $37,000
Exceed $500 million but not $1 billion $10,500 $13,300
Exceed $40 million but not $500 million $7,700 $8,400
Not more than $40 million $2,400 $2,500

Licensed insurers - Class 3

The amount you pay depends on your annual gross revenue from premiums (GPR).

All levies are in New Zealand dollars (NZD) and exclude GST.

Annual GPRExisting FMA levyFMA levy from 1 July 2020
Exceed $500 million $150,000 $300,000
Exceed $100 million but not $500 million $38,000 $70,000
Exceed $50 million but not $100 million $24,000 $41,000
Exceed $10 million but not $50 million $11,000 $16,000
Not more than $10 million $2,200 $4,200

Licensed supervisors - Class 4

The amount you pay depends on the value of your total supervised interests.

All levies are in New Zealand dollars (NZD) and exclude GST.

Total supervised interestsExisting FMA levyFMA levy from 1 July 2020
Exceed $5 billion $138,000 $200,000
Exceed $1 billion but not $5 billion $76,000 $90,000
Exceed $100 million but not $1 billion $26,000 $35,000
Not more than $100 million $6,400 $9,200

Managers of Managed Investment Schemes - Class 5

The amount you pay depends on the value of the assets you manage.

All levies are in New Zealand dollars (NZD) and exclude GST.

Total managed assetsExisting FMA levyFMA levy from 1 July 2020
Exceed $10 billion $380,000 $460,000
Exceed $5 billion but not $10 billion $270,000 $320,000
Exceed $2 billion but not $5 billion $120,000 $160,000
Exceed $1 billion but not $2 billion $80,000 $100,000
Exceed $500 million but not $1 billion $45,000 $58,000
Exceed $100 million but not $500 million $25,000 $26,500
Exceed $20 million but not $100 million $6,400 $7,200
$1 but not more than $20 million $1,400 $1,700

Providers of other financial services - Class 6

All levies are in New Zealand dollars (NZD) and exclude GST.

Financial serviceExisting FMA levyFMA levy from 1 July 2020
Trading activities on licensed markets provided by entities rather than individuals $4,500 $6,600
Contributory mortgage brokers $1,800 $2,700
Trading financial products or foreign exchange on behalf of other people (other than people included in class 6A, 6B, 6C or 6D) $5,300 $8,000
Derivatives issuers $9,600 $13,500
Authorised Financial Advisers (AFAs) $330 $380

Discretionary Investment Management Services - Class 6A

The amount you pay depends on the value of the funds you manage.

All levies are in New Zealand dollars (NZD) and exclude GST.

Funds under managementExisting FMA levyFMA levy from 1 July 2020
Exceed $2 billion $36,000 $57,000
Exceed $500 million but not $2 billion $14,000 $24,000
Exceed $100 million but not $500 million $4,800 $8,100
Exceed $50 million but not $100 million $2,400 $3,900
Not more than $50 million $950 $1,600

Brokers and custodians - Class 6B and 6C

Brokers come under Class 6B in the regulations. Custodians come under Class 6C.

When you pay your levy, select all the options that apply. You pay only for the service that attracts the highest levy.

All levies are in New Zealand dollars (NZD) and exclude GST.

Registered FSPsExisting FMA levyFMA levy from 1 July 2020
That are brokers $1,800 $2,800
That are custodians $6,300 $9,100

Crowd-funding services and peer-to-peer lending services - Class 6D

All levies are in New Zealand dollars (NZD) and exclude GST.

Existing FMA levyFMA levy from 1 July 2020
$2,600 $2,900

If the financial service you're registered for is not listed - Class 7

If your FSP doesn't belong to any of the classes from 2 to 6D listed above, then you come under Class 7 of the regulations.​

All levies are in New Zealand dollars (NZD) and exclude GST.

Existing FMA levyFMA levy from 1 July 2020
$460 $540

Published on , last updated on .