Who must register as a financial service provider?

Entities and individuals who:

• live or have a place of business in New Zealand; and
• are in the business of providing financial services (in New Zealand or overseas)

must register to provide that particular financial service on the FSPR.

Those entities and individuals will have to register as a financial service provider (FSP) by 1 December 2010, or 31 March 2011 for individuals and companies providing financial advice.
 

The meaning of ‘financial service’ is defined in section 5 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008.  There are some exceptions set out in section 7 of the Act, such as lawyers and accountants who provide financial services as an incidental part of their business.

Common examples of financial service providers required to register are:

• Building Societies
• Credit Providers
• Credit Unions
• Financial Advisers (including financial planners)
• Finance Companies
• Foreign Currency Exchange Dealers
• Fund Managers
• Insurers
• Investment Portfolio Managers
• Issuers
• Money Changers
• Registered Banks
• Some professional trustees (such as trustees of debt securities or superannuation scheme trustees).

Some people will have to register regardless of the location of their place of business, because they provide a licensed financial service and their licensing authority requires them to register.  Individuals or companies unsure as to whether or not they will be required to register should seek their own independent legal advice.

Related links

• What is a financial service?