Independent Trustees

Independent Trustees

Your obligations

Licensees have a number of obligations, in addition to the minimum standards and standard conditions set out in their licence. These obligations include notifying the FMA of certain events and providing us with information.

All notifications should be emailed to the FMA at compliance@fma.govt.nz, noting the relevant obligation in the subject line of your email. 

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.

Other obligations

All licensed independent trustees have obligations. For example you must:

  • meet the relevant professional standard of care
  • monitor your compliance, identify material changes of circumstance, and meet reporting obligations.

There will also be a number of other important obligations.

Standard conditions

If we grant you a licence it will contain conditions that support your market services licensee obligations. These include conditions imposed by the FMC Act and regulations, as well as conditions imposed by us.

Find out more about the conditions for

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.

Find out more about: