Financial Service Providers Registration, otherwise known as FAS Registration, is a necessary process to complete for every business that wishes to legally offer financial services in New Zealand. As the financial industry is one that involves large transaction amounts and high risks, is it essential that businesses complete all FSP registration requirements before offering their financial services.
Below we provide a brief overview of who needs to register FSP, who doesn’t need to, and what additional applications a business will need to make before offering their financial services to the public.
Those who may need to register as a financial service provider are businesses that want to provide financial service in New Zealand or from New Zealand to overseas.
A key point to keep in mind is that financial services are monitored by the Financial Markets Authority (FMA) and the New Zealand Reserve Bank. After you become an authorised FSP, you may need a separate licence from FMA.
Annual confirmation: In order to remain registered, financial service providers must confirm or update their details and services annually.
Not all kinds of financial service businesses have to register as financial service providers as there are some exceptions and exceptions. We list those that are exempt below:
- Employees who work in a company that has registered FSP
- Qualifying Financial Entities (QFEs) advisers.
- Businesses providing financial services: lawyers, chartered accountants, tax agents, and real estate agents.
Before offering their products and services, financial service providers may need to apply for a licence from FMA. FMA holds responsibility for the management of all financial participants, exchanges, and the creation and execution of financial regulations.
There are a variety of licences offered by FMA, listed below:
- Crowdfunding platforms
- Derivatives issuers
- Discretionary investment management services
- Independent trustees
- Managed investment scheme manager
- Market operators
- Peer-to-peer lending
- Financial advice providers
Learn all you need to know about FSP registration fees and requirements from the experts at Premium Accounting Solution! As a professional accounting firm with more than 10 years of experience in the financial industry, our accounting consultants can help you through your registration. Contact us today for advice and assistance registering your company as a financial service provider in New Zealand.