Independent trustees

Before you apply for a licence

There are some things you can do to ensure your application runs as smoothly as possible:

• review the licensing guides and documents below as they contain all the information you need to know so you can complete and submit your application
• set up your RealMe®login details early 
• focus on the minimum standards – we will assess your business against them when processing your application
• Contact the FMA if you have any questions

Licensing guides

Licensing guide PART A

This guide contains information about the licensing process and includes many FAQs you might have; create a RealMe® identity, if you don’t already have one; and pay your licensing fee.

Download the licensing guide Part A: How do I apply for a licence? PDF.

Licensing guide PART B

This guide contains all the specific questions you’ll be asked and the minimum standards you’ll need to show you meet. It also details the information and supporting documents you’ll need to provide when you submit your application. 

Download the licensing guide Part B: Independent Trustees

Standard conditions for Independent Trustee licences

In your application, you'll need to demonstrate how you can meet the minimum standards and conditions for your licence - or ask us for a limit or variation using the forms below.  This is very important because when a licence is granted, they contain conditions that support your licensee obligations. They include conditions imposed by the FMC Act, the regulations, and any conditions imposed by the FMA.

Download the Standard Conditions for Independent Trustees - Corporate PDF

Download the Standard Conditions for Independent Trustees - Individual PDF

How to apply

Please contact us to get a copy of a licence application by emailing [email protected]

Licence application forms

Please download all forms related to your application and email to [email protected]

Licensing declarations and certificates

For applicants

SD1.0  Certificate of compliance and authority to apply (applicant or their authorised person)

SD1.1  Declaration by current/proposed director of licence applicant

SD1.2  Declaration by current/proposed senior manager of licence applicant

SD1.3  Curriculum vitae of management team member of licence applicant

SD1.4  Declaration  by Independent trustee (individual) -  a combined certificate and declaration

For related bodies of the applicant

SD2.1  Declaration by executive director of related body to licence applicant

SD2.2  Declaration by senior manager of related body to licence applicant

For relevant parties to the applicant

SD3.1  Declaration by director of relevant party to licence applicant

SD3.2  Declaration by senior manager of relevant party to licence applicant

SD3.3  Declaration by individual relevant party to licence applicant (such as owner)

How to cancel an FMCA Licence

Guidance on how to cancel an FMCA licence

The basic licensing fee payable to apply for an independent trustee of a restricted scheme licence is $2,139 (incl. GST). 

We may charge an additional fee where the time to assess a licence application exceeds 15 hours, as set by the Financial Markets Conduct (Fees) Regulations 2014. For an FMA staff member this is set at $178.25 per hour, or part-hour pro rata, of work carried out.  Please refer to the regulations for further information.

If an additional fee will be incurred for your application, we will notify you in advance, including the reason why. 

Applications to vary conditions on an existing licence will incur an application fee of $115 plus $178.25 per hour, or part-hour pro rata, of work carried out.

Please refer to the Financial Markets Conduct (Fees) Regulations 2014 for more information. 

All amounts are GST inclusive. 

This payment is to apply for an independent trustee of a restricted scheme licence; it does not include any annual levies, or fees to register on the Financial Service Providers Register.

Independent trustees (licensed individual or corporate trustees) are generally required to pay FMA levies, as they are considered financial market participants. The FMA collects levies to partially fund its operations from such market participants. Levies are typically paid when making an annual confirmation to the Registrar of Financial Service Providers (FSPR). However, independent trustees can apply for a waiver of the levy if their circumstances are exceptional.

The Financial Markets Authority (Levies) Regulations 2012 (the Regulations), as amended in 2020 and 2022, set out the levies payable by industry. The levies are set by the Ministry of Business, Innovation, and Employment (MBIE).

Read more about levies, fees and levy waivers

All licensed trustees have a number of obligations, in addition to the minimum standards and standard conditions set out in their licence. These obligations include meeting the relevant professional standard of care; monitoring your compliance; identifying material changes of circumstances; meeting reporting obligations and notifying the FMA of certain events and providing us with information. A list of your obligations can be viewed below:

Changes to directors or senior managers

Forms for amendments and changes to be completed if there are changes to directors or senior managers

It is a standard condition of licensing for independent trustees (corporates) to notify the FMA of changes to directors or senior managers of a licensee and/or key personnel of an authorised body. To notify us of a change to your key people and managers as required by the licensing standard conditions, please send an email to [email protected] outlining what the changes are and the qualifications and experience of the new or replacing personnel, e.g. attach their c.v.

Download Notification of change of director or senior manager by licensee and/or key personnel of authorised body DOC. (Refer to the FMC Regulations 2014 r 191191).

Minimum standards

To become a licensed independent trustee, you’ll have to meet and maintain certain minimum standards.

The key standards in the Act (section 396) include:

• You must be a fit and proper person for the role of independent trustee.
• You or your business must be capable of performing the service effectively and in keeping with your licence conditions.
• We must have no reason to think you’re likely to contravene your licensee obligations.

There are other important requirements. You can find out more about the minimum licensing standards and conditions in our licensing guide.

Fair Dealing

The FMC Act sets out minimum compliance standards of behaviour for people operating in the financial markets. It prohibits:

• misleading or deceptive conduct
• false, misleading or unsubstantiated representations
• offers of financial products in the course of unsolicited meetings.

Read more about the Financial markets Conduct Act 2013 (FMC Act)

Standard Conditions for individuals and corporates

Find out more about the conditions for

• Independent Trustees - individuals
• Independent Trustees - corporates

In your application, you’ll need to demonstrate that you can meet these conditions – or ask us for a limit or variation in your licence.

Notifying the FMA

Licensee obligations include notifying the FMA of certain events and providing us with information. To find out more about your ongoing obligations please refer to your License.  All notifications should be emailed to [email protected], noting the relevant obligation in the subject line of your email.