Who can grant or revoke Authority
There are different levels of Financial Service Provider (FSP) Authority and confidentiality rules that apply to the FSP authority management system.
Once you have authority for an FSP, when you view the FSP Details screen you will see an Authority tab. What you see here depends on your level of authority.
Executive Authority is assigned to individual FSP’s on registration and directors of NZ registered entities and other entities. All others can only be granted authority as an authorised person.
- An account with Executive Authority will be able to see the details of all authorised persons, including:
- any pending applications, and
- historical data for authority requests.
- An authorised person (such as an accountant or lawyer) is not able to see details of other authorised persons. This is to ensure confidentiality.
So who can do what?
- Only the Registrar can grant authority over an FSP. The Registrar can also revoke authority over an FSP.
- Accounts with Executive Authority can revoke authority for authorised persons.
- Authorised persons cannot revoke their own authority.