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Who does not have to register?

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Some individuals and entities who provide a financial service may not have to register:

  • Certain types of financial advisers
  • Lawyers, chartered accountants, tax agents, or real estate agents who provide a financial service as a necessary incident of their practice
  • A non-profit organisation providing free financial services
  • A trustee of a family trust providing financial services to beneficiaries
  • The directors of a company that promotes an offer of securities to the public (in their capacity as an individual promoter)
  • Anyone in respect to a financial service provided to a related body corporate
  • Sole financial adviser companies where the financial adviser providing financial advice or broking service (including a custodial service) (and other related financial services) on behalf of the company is the sole director (or one of two) and senior manager and he/she is registered on the FSPR in their own name for financial adviser or broking service (including a custodial service)
  • Individual trustees of a trust or a registered superannuation scheme
  • Persons whose only or principal business is the sale of goods and non-financial services but who provide credit to customers on an interim basis in order to facilitate a sale before assigning the credit contract to a third party within one working day
  • Persons providing a financial service in the course of running a loyalty scheme facility -where credits are allocated with the sole purpose of promoting the goods and/or services of a non-financial service business, where the credits can be used by the holder to obtain some benefit from the business but can’t be converted to cash (see Regulation 8 of the Financial Service Providers (Exemptions) Regulations 2010)
  • Persons providing a financial service in the course of running a gift voucher service but only where the amount of the gift facility can’t be withdrawn in cash (for more information see Regulation 9 of the Financial Service Providers (Exemptions) Regulations 2010 
  • Individual members of an ‘angel organisation’ (established to facilitate investment in innovative or start-up businesses but not invest itself) in respect of financial advice provided to other members of it, or another angel organisation – but the angel organisation itself must be registered on the FSPR (for more information see Regulation 12 of the Financial Service Providers (Exemptions) Regulations 2010
  • Lloyd’s underwriters in respect of their insurance business (although the requirement to join a consumer dispute resolution scheme remains)
  • Statutory supervisors of retirement villages
    Although they do have to meet the registration qualification criteria to be licensed to provide this financial service by the Financial Markets Authority (under section 16 of the Securities Trustees and Statutory Supervisors Act 2011).  A list of all licensed retirement village statutory supervisors can be found on the Retirement Villages Register – www.retirementvillages.govt.nz.
     

The list of entities and people who do not have to register is set out in section 7 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and there are also further exemptions in the Financial Service Providers (Exemptions) Regulations 2010

 

Related links

Not all financial advisers have to register as financial service providers – read the Financial Markets Authority's information for Financial Advisers.

Financial Service Providers (Registration and Dispute Resolution) Act 2008

Financial Service Providers (Exemptions) Regulations 2010

 

 

Last updated 31 March 2014