Financial Institutions

The CoFI Act creates a new market service of “acting as a financial institution." We refer to this market service as the “financial institution service”. The licence for this new market service will be known as a “financial institution licence”.

Topics covered in this section

Financial institution licensing

Any registered bank, licensed insurer, or licensed non-bank deposit taker in the business of providing one or more relevant services will need to hold a financial institution licence to continue operating, if that service is received by a consumer in New Zealand.

Licensing FAQs

Our team has fielded a number of questions from various financial insititutions about licensing. Please take a moment to read through the licensing FAQs ahead of applying for your licence.

Fair Conduct Programme

A fair conduct programme (FCP) means policies, processes, systems and controls that are designed to ensure the financial institution’s compliance with the fair conduct principle. A financial institution’s FCP must be in writing and must meet the minimum requirements set out in the CoFI Act.

Fair conduct programmes - information for smaller firms

This information sheet provides information and examples to help smaller Financial Institutions (FIs) establish, implement and maintain their fair conduct programme. It complements our other resources relating to FI licensing. It will be useful for smaller firms holding or applying for a licence to act as an FI under the Financial Markets Conduct Act 2013.

Conduct of Financial Institutions (CoFI) legislation

Also known as the Conduct of Financial Institutions regime (CoFI), it introduces a new regulatory regime to ensure registered banks, licensed insurers and licensed non-bank deposit takers comply with the fair conduct principle when providing relevant services to consumers. The fair conduct principle is the overarching principle of CoFI that a financial institution must treat consumers fairly.

Question or concern about CoFI?

Please get in touch. We're happy to help.

Upcoming events and announcements

11 Mar 2025 Tue 6:45am

Fintech Hui 2025

In 2025, New Zealand’s fintech sector is set for transformation with the advancement of open banking and consumer data rights legislation. The Hui is a crucial forum to collaboratively address challenges and seize opportunities.

Location: Shed 10, Auckland

See details →

21 Mar 2025

Legalwise Seminars - Presentation to annual in-house lawyer's conference

Fri 8:30am

26 Mar 2025

FMA Chief Executive and Insurance industry roundtable

Wed 8:30am

02 Apr 2025

FMA Chief Executive speaks to Financial Advice New Zealand annual conference

Wed 7:00am

See details →

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04 Feb 2025

Speech by Samantha Barrass to the Financial Services Council Outlook 2025

Samantha Barrass, Chief Executive FMA speaks at the Financial Services Council Outlook 2025.

Media releases

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20 Dec 2024

FMA files civil proceedings against InvestNow for alleged AML/CFT breaches

FMA has filed civil proceedings against InvestNow Saving and Investment Service Ltd, which trades as InvestNow, for alleged breaches of the Anti-Money ...

Reports and papers

04 Dec 2024

This report provides key insights from our reviews of 70 climate statements prepared for reporting periods ended 31 December 2023, 31 January 2024 and ...

Media releases

04 Dec 2024

FMA encouraged by first climate statements

The FMA has today published its Climate-Related Disclosures insights report from the first set of entities that were required to file climate statemen ...

Research

02 Dec 2024

Consumer Confidence Survey Report

This report is the result of our inaugural Consumer Confidence Survey which asks consumers about their experiences with their financial services provi ...

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Financial institution licensing guide

This guide explains how to make an application for a licence, and the criteria you will need tomeet to obtain a licence.

Standard conditions for financial institution licences

All financial institutions and their authorised bodies need to comply with standard conditions to obtain and maintain their licence.

Fair Conduct Programme

This document provides useful information to assist financial institutions in the preparation of a Fair Conduct Programme (FCP).