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Registering any other entity or body as an FSP

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Please check that there is no existing registration for the FSP you are trying to register. If you are unsure, please search the register before you start your registration.

 

A step-by-step guide to registering another entity type (such as an unincorporated body) as a financial service provider.

 

Overview of registration process

  1. Log on with your username and password
  2. From the Online Services - Do It Now menu choose Register an FSP > Other Entity. What is an 'Other Entity'?

    To complete the online application you will need to supply the following information:
    • the legal name of the entity (or body);
    • any trading names;
    • the country of origin of the entity;
    • registration or identification number of the entity in its home jurisdiction (if applicable);
    • business address (at least one physical address in New Zealand must be provided, where the Registrar may contact the FSP);
    • address for communication and email address;
    • the financial services the FSP provides;
    • If an applicant provides services to retail clients, they will be required to provide their Dispute Resolution Scheme (DRS) membership details within 10 working days of registration as an FSP. If the DRS membership details are not provided within the required timeframe, the Registrar of Financial Service Providers may initiate deregistration;
    • the full legal name and any aliases of every director, controlling owner and senior manager of the entity; and
    • the date of birth, gender, and the residential address of every director, controlling owner and senior manager of the entity.

      If you are applying to the Financial Markets Authority for the FSP to be approved as a Qualifying Financial Entity (QFE), you will also need to confirm that the Financial Markets Authority has previously reviewed the QFE's adviser business statement.
  3. Prior to payment the Registrar will review the application.  When the review is complete you will be contacted via email by the Registrar advising you to continue with you application or letting you know if there are any issues to be resolved.

    To complete your application log on and select the application from your Dashboard.
     
  4. Pay the relevant fees and submit your application.
  5. The FSPR will carry out a criminal history check with the Ministry of Justice of the convictions which will disqualify any of, on all of the individuals named in your application (directors, senior managers and controlling owner).  You will be advised of the result within two to five working days.

    Before we check with the Ministry of Justice, you will be asked to confirm that the entity or body applying is not disqualified from registration by reason of any of the people in its management being personally disqualified for any of the reasons set out in section 14.  People completing the application on instructions from the applicant should satisfy themselves in advance that they are able to give that confirmation when asked.
     
  6. If all criminal history checks are clear, and the FSP has registered for a service which does not require licensing, registration as a financial service provider is complete.
    Learn which services are required to be licensed


    Only one criminal history check is required per person within a 36 month period.  If you are required to complete more than one FSP application (for example, an individual registration, and as a director of a company), to avoid multiple charges for criminal history checks you should make one application and wait for the criminal history check to be completed before submitting your next application. This will take between two to five working days.

    Once you have received confirmation of your successful criminal history check from the Registrar you can submit any subsequent applications and you won’t be charged again for the criminal history check.

    Note | A new criminal history check may be required within this 36 month timeframe if deemed necessary by the Registrar.
     
  7. If all services you have applied for require licensing, a licensing authority must authorise at least one service before registration can be completed.
    Learn about licensed services

    If you are providing both unlicensed and licensed services, the FSP will be registered, however the FSP will not be able to provide the licensed service(s) until they have been authorised by the relevant licensing authority.

    If you have selected any Reserve Bank or Financial Markets Authority (FMA) licensed services (except Authorised Financial Adviser (AFA)) you need to contact them to apply for your licence.
    Information on FMA’s licensing process can be found on their website
    Information on the Reserve Bank's licensing process can be found on their website
     
  8. If you have applied for 'QFE status' from the Financial Markets Authority, your application will be submitted to them for approval once the FSP is registered.
     
  9. The FSPR will notify you of the progress of your application by email.

 

Registration FAQs

 

What is an 'Other Entity'?

For the purposes of this register, an 'Other Entity' is any financial service provider that is neither an individual person, nor an NZ Registered Entity.  This would be, for example, an overseas company or partnership that is not on the NZ overseas companies register, or a New Zealand joint venture, trust or a partnership.

 

Can I save my application to finish it another time?

You can save and exit your application at any time, until you choose to submit it. You may find you do not have all the relevant information available after you have started your application, so you can save your application in a pending state. It will appear in My Unfinished Business on your personalised dashboard.

Note | We will automatically delete the application if it is left in a pending state, without changes, for 30 days.

 

Can I amend my application?

While your application is in a pending state (before it has been submitted to the Registrar) any part of the application can be amended at any time, by accessing your application through My Unfinished Business on your personalised dashboard.  Once your application has been submitted no further changes can be made.


What happens if I fail my criminal history check?

If you fail your criminal history check because  an individual named in the application has a relevant criminal conviction, that person is disqualified from becoming a financial service provider, or being involved in the management of a financial service provider, and may not be registered.

 

What happens if my QFE application is declined?

The Financial Markets Authority reviews your application for approval as a QFE and will consider whether or not you meet their requirements for authorisation.

Before you submit your application, you should have already contacted the Financial Markets Authority and submitted your adviser business statement to them for review.  This allows the Commission an opportunity to advise you of any outstanding requirements.

During the process, if the Commission has any questions regarding your application they  will contact you directly.  If your application is declined, the Commission will contact you directly outlining the reasons.

Your entity will still be a registered financial service provider.  You may submit another application to become a QFE at any time subsequently, should you wish to apply again.

 

Can I withdraw or delete my application?

If you have started an application to register an FSP and decided not to proceed, the application will remain in 'My Unfinished Business' on your personalised dashboard for 30 days.  If you do not make any changes during that time, the application will be automatically deleted.

Once you have submitted your application, you will not be able to withdraw it.  If your application is accepted, you may then decide to apply for de-registration (for example, if you are no longer in the business of providing a financial service).

 

Last updated 15 February 2016