Who's involved in the FSPR?
The agencies and government departments behind the FSP regime.
Register and website
The Registrar of Financial Service Providers is also the Registrar of Companies, and so the Companies Office has built this website and is responsible for administering the electronic register.
Dispute Resolution Schemes
As part of the new regime, most financial service providers will need to belong to an approved Dispute Resolution Scheme, or the government’s reserve scheme. The purpose of these schemes is to offer the consumer a greater level of confidence and protection when dealing with financial service providers. The Ministry of Consumer Affairs is responsible for approving the schemes and establishing the reserve scheme.
Financial Advisers and QFEs
The Financial Markets Authority is responsible for the authorisation and supervision of the largest subset of financial service providers - financial advisers. Depending on the services an adviser provides, and the risk profile of the products they give advice on, they may only need to be a registered financial adviser, but many will also need to be authorised by the Commission.
The Commission will also look after the regime for Qualifying Financial Entities or QFEs. An organisation might want to become a QFE if they employ a large number of financial advisers. The QFE would be responsible for the competence of those advisers working for them, rather than having all of them apply separately for registration and authorisation.
Contact details for agencies
Registration, logons, and fee payments
Contact the Financial Service Providers Register:
Ask us a question online or phone the FSPR on 0508 FSPR INFO (0508 377 746) (within New Zealand) or +64 3 962 6162 (international callers)
Call us now for FREE on Skype:
Authorised Financial Advisers (AFAs) and Qualifying Financial Entities (QFEs)
The Financial Markets Authority website: www.fma.govt.nz
The Financial Markets Authority financial adviser helpline, phone 0800 434 567 (within New Zealand) or +64 3 962 2698 (international callers).
Helpline hours of business are 8:30am to 5pm Monday to Friday.
AFA competence requirements
ETITO website: www.afacompetence.org.nz
Financial adviser code
Code committee website: www.financialadvisercode.govt.nz
Dispute resolution schemes, including the government reserve scheme
Ministry of Consumer Affairs - Dispute Resolution
www.consumeraffairs.govt.nz/for-business/compliance/financial-dispute-resolution
email: mcainfo@mca.govt.nz
+64 4 474 2750
Legislation
- Financial Service Providers (Registration) Regulations 2010
- Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010
- Financial Service Providers (Pre-Implementation Adjustments) Bill
- Financial Service Providers (Registration and Dispute Resolution) Act 2008
- Financial Advisers Act 2008
