Financial service providers
Entities and individuals in the business of providing financial services are required to register on the Financial Service Providers Register (FSPR). The Register is maintained by the New Zealand Companies Office.
Applicants will have to meet several requirements before being registered as a financial service provider.
Applying to be registered as a financial service provider
To be registered as a financial service provider you must meet the requirements.
- You must pass a criminal conviction background check.
- If you provide services to the public (retail clients), you must join a dispute resolution scheme.
- You must not be disqualified from registration.
Dispute resolution schemes
There are different approved dispute resolution schemes that you can join up to. There is also a reserve scheme.
You must pay the appropriate fees of the particular dispute resolution scheme you choose to sign up to.
Disqualification from being a financial service provider
You must ensure that you are not disqualified from registration. You are disqualified if you are:
- an undischarged bankrupt;
- a banned director; and/or
- you have a record of fraud or other criminal offences specified in the Act (a criminal history check will be conducted as part of the registration process).
You must also ensure that the directors, senior managers and controlling owners are not individually disqualified.