The Financial Services Legislation Amendment Act 2019 came into force on 15 March, introducing significant changes to the way financial advice is regulated and delivered in New Zealand.
To support the new regime we’ve updated the Financial Service Providers Register (FSPR).
You’ll notice changes both to the content on the website, and the way some tasks are carried out on the register.
Regulatory changes for financial advice
Changes to how providers of financial advice are regulated include:
- The categories of authorised financial advisers (AFAs), registered financial advisers (RFAs) and qualifying financial entities (QFEs), and QFE advisers have been replaced with the new designations of:
- financial adviser
- financial advice provider
- nominated representative
- Financial advice can only be provided by, or on behalf of, a financial advice provider licensed by the Financial Markets Authority (FMA).
- All financial advisers are required to be engaged by, or ‘linked to’ a licensed financial advice provider. Nominated representatives will not be required to be registered as FSPs.
- The legislation has also made changes to financial services. This may require some FSPs to update their details on the new register. Some services have been transferred to the new register automatically.
Changes to the register
The FSPR has a new look and feel, and there are also changes to some online services, and the way things are done.
A new dashboard tool
Your online tasks are now managed using a new ‘dashboard’ tool. This is a hub for all the things you need to do, and keep track of. Whether you’re registering a new FSP or updating an FSP’s details, most of the tasks you’ll need to perform start at the dashboard.
New online guides and video tutorials have been created to help you register, and maintain your registration. Please make use of these resources to familiarise yourself with the new register.
Searching the register
Searching for FSPs on the register will initially be limited in terms of the range of information you can use to perform a search. You can only search using details such as an FSP’s name (or part of it), their FSP number or New Zealand Business Number (NZBN). If you need to search for specific criteria, you can request that data from us.