1. Compliance
  2. Licensing and registration
  3. Registration
  4. Your on-going obligations

Your on-going obligations

 

Financial service providers must be registered on the Financial Service Providers Register. You must register for activities which match your business and for all of your financial service activities.  Merely being registered for some of your services is not enough. See how to register for more information on registering activities.

Those providing services to retail clients must also belong to a dispute resolution scheme.

Once registered you must file an annual confirmation to maintain your registration. This can be done online. There are also duties to notify changes.

For more information visit the Financial Service Providers Register (FSPR).

All financial service providers are subject to the Fair Dealing provisions in the FMC Act. As a financial service provider you must not engage in conduct that is misleading or deceptive or likely to mislead or deceive. FMA can take civil action against financial service providers whose conduct breaches the Fair Dealing part of the Act. 

Monitoring and surveillance

See FMA's compliance focus for 2013.

FMA monitors financial service providers are compliant with their obligations under the Financial Service Providers (Registration and Dispute Resolution) Act. This includes following up:

  • when businesses or individuals appear to be offering financial services but are not registered to provide those services
  • where financial adviser services are being provided by people who are not appropriately licensed to provide those services Read more
  • where financial service providers are engaging in misleading or deceptive conduct. 

FMA also has oversight of some of the other obligations of financial market participants including financial service providers under other legislation, for example, financial advisers and brokers have obligations under the Financial Advisers Act 2008 which FMA monitors and enforces.