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Page last updated: 26 February 2025

Financial Advice Provider licensing

Who needs a licence

Anyone who gives regulated financial advice to retail clients must either hold, or operate under, a Financial Advice Provider (FAP) licence issued by the FMA.

  • You will need a licence if you want to be a financial advice provider and provide advice on your own account to your own clients – for example, you run your own business. Read our Introductory guide to FAP licensing requirements to find out more about how to complete your online application and what we ask for.
  • You won’t need your own licence if you want to be a financial adviser or nominated representative who provides advice on behalf of another financial advice provider.

If you provide advice to wholesale clients only, you do not need a licence but certain duties still apply – such as the duty to give priority to your client’s interest when there is a conflict, and to exercise care, diligence and skill when giving advice. 

Download the introductory guide to licensing requirements PDF to understand the process and what's required

Steps to apply for your Financial Advice Provider (FAP) licence

Step 1

Decide how you wish to operate

There are three classes of Financial Advice Provider licence.

You should apply (and be assessed) for the class of Financial Advice Provider (FAP) licence that best suits your particular circumstances and the nature of the service your FAP and any authorised bodies intend to provide.

  • Class 1 licence application process is purpose-built for sole advisers
  • Class 2 licences are intended for businesses that engage more than one adviser
  • Class 3 licences are most suited to large organisations that engage nominated representatives.

If you are unsure, our Explore your options tool is designed to help you define a structure that works for you. OR view our how to operate pages.

Download the fact sheet on the three licence classes

Step 2

Review the licensing guide

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. View the Introductory guide to FAP licensing requirements PDF

Step 3

Read the standard conditions

In your application, you'll need to demonstrate how you can meet the minimum standards and conditions for your licence.

Download the standard condition for FAP licences PDF

Step 4

Read the Code of Conduct

Anyone providing advice to retail clients is subject to a new Code of Professional Conduct for financial advice services. This outlines the standards of conduct, client care, competence, knowledge, and skill you need to meet when providing financial advice in New Zealand.

View the Code of Professional Conduct for financial advice services

STEP 5

Set up a ReaMe® account

You will need a RealMe® account to apply for a licence with the FMA.

Apply for a RealMe® account

Step 6

Register on the FSPR

Before applying for a licence with the FMA, all financial advice providers must be registered for the “Financial advice provider – licensee – full licence” service on the Financial Service Providers Register (FSPR).

The FSPR is a public register which is maintained by the Companies Office. Any authorised bodies under your licence, or financial advisers you engage, must also be registered on the FSPR.

Fees are payable for some transactions on the FSPR, including when you register, and when you complete your annual confirmations. 

Visit the FSPR website for more information about how to register, maintain or update your registration.

Step 7

Start your draft application and seek further help if you need it

We won’t see any of your answers until you press SUBMIT. Complete as much as you can, then save a draft and come back and finish the job when you’re ready.

Log in to the application portal

Your success is important to us. Please get in touch if you have questions on the licensing process.  Contact the FMA or talk to your professional advisers about what might be helpful for you.

Step 8

Press submit!

Congratulations on finishing your application. We’ll be in touch soon to advise the outcome.

Costs

The cost of applying for a Financial Advice Provider licence will depend on the class of licence that best suits your business structure.

As a general indication:

  • Class 1 licence application fees are $703.80 (includes up to 2 hours’ assessment time*).
  • Class 2 licence application fees are $882.05 (includes up to 3 hours’ assessment time*).
  • Class 3 licence application fees are $1,060.30 (includes up to 4 hours assessment time*).

*Additional fees may apply if the application assessment exceeds the allocated hours. We will inform you if additional fees are likely to be charged.

This licence application fee is payable to the FMA when you submit your application. It does not include any fees to register on the FSPR or levies payable when you complete your annual confirmation.  

For more details about ongoing costs that may apply to maintain your registration as a financial advice provider see the levies and waivers section on this page or visit the MBIE website.

The above fee is payable to the FMA when you submit your application. This payment is to apply for a full licence; it does not include any annual levies, or fees to register on the FSPR.  Additional fees may apply if the application assessment exceeds the allocated hours. We will inform you if additional fees are likely to be charged.

Fees for variations to an existing licence

The fee payable to the FMA when you apply to vary an existing licence is $115 (incl. GST). This does not apply to adding a new licence type. Additionally, the FMA will invoice you for time spent assessing the variation application based on the FMA hourly rate $230 per hour for an FMA board member and $178.25 per hour for FMA staff.

Note: We will not issue a new or varied licence until the fee is paid in full. Licence fees are not refundable if an application is rejected.

Engaging financial advisers

When you engage a financial adviser under your licence, you must record details of the engagement on the Financial Service Providers Register (FSPR).

You’ll need to do this within three months, or the financial adviser may be deregistered if they offer no other services.

Remember that you may need to link to yourself on the FSPR if your company will engage you, personally, as a financial adviser under its licence.

Visit the Companies Office website for more information.

Variation of licence forms

To complete the following, please head to our online services portal.

  • Add or remove Directors or Senior Managers
  • Add or remove Authorised Bodies
  • Change of class

Go to online services

How to cancel an FMCA Licence

Guidance on how to cancel an FMCA licence

Useful links