Regulators

New Zealand Financial Services Providers Registry (FSP)

FSP is a searchable online information registrar for individuals, businesses and institutions providing financial services in New Zealand.

Organization Profile

Type of organization: government agency
Structure introduction: FSP refers to the searchable online information registrar for individuals, businesses and institutions providing financial services in New Zealand.
According to the New Zealand Financial Dispute Resolution Act passed on September 28, 2008, all individuals and organizations that provide financial-related fields in New Zealand are required to legally register and declare. Since August 16, 2010, the New Zealand Registry has accepted applications for registration of financial service providers. On December 1, 2010, New Zealand has enforced the financial provider supervision mechanism. Anyone providing financial services to clients in New Zealand or overseas must be registered with the FSP.
FSPs can find important information about financial service providers, including registration types. (Before you invest, please check to see if they can provide such services). Please note that the FSP registration number of the FSPR does not mean that it is regulated, it is only equivalent to the ordinary business registration number.
The Registry of Financial Service Providers, established by government agencies, serves as a regulatory body for the government, aiming to promote fairness and transparency in the financial services market. The purpose of the registration is to make information on financial service providers directly accessible to the public and regulators.
If the financial services company is regulated by: Reserve Bank of New Zealand Act (Act 1989), Insurance Regulation Act (Act 2010), Financial Advisers Act (Act 2008), Financial Market Regulation Act (Act 2008) 2011), the Financial Markets Conduct Act (Act 2013)
Link to the original text of the above Act: https://fma.govt.nz/contact/make-a-complaint/whistleblowing-and-informants/
Institutional Functions and Objectives
(1) Provide registration services for financial service providers and accept online applications;
(2) Improve public transparency, satisfy the public's right to know, and implement supervision of its registered financial service providers in accordance with the 2008 Act (Act 2008);
(3) To prevent the occurrence of fraudulent behavior of financial service providers from supervision;
(4) Assist the New Zealand FSP to comply with international obligations and prevent it from becoming a tool for money laundering.
Contact
Tel: 64 3 962 6162 (Monday-Thursday 8:30--17:00, Friday 9:00--17:00) If you don't understand English, you can ask for language translation service on the phone
Online email consultation: https://www.companiesoffice.govt.nz/fsp/help-support/email-us
Fax: 64 9 912 7787
Office Address: Companies Office, Private Bag 92061, Victoria Street West, Auckland 1142

FSP Financial Services

1. What are financial services?
Provide financial advisory, mortgage loan service, consumer loan and credit, money transfer business, foreign currency exchange, investment management, insurance business, etc.
2. What is a Financial Services Provider ESP?
Building societies, credit unions, stock brokers, agencies, credit institutions, financial companies, foreign exchange brokers, money changers, fund managers, insurance companies, registered banks, investment management companies, etc.
Lawyers, CPAs, tax agencies, etc. do not need to register with the FSPR.
Note: FSP requires the submission of an annual confirmation report each year to verify or update registered information.
3. New Zealand Financial License
From December 1, 2014, the financial market license is implemented in accordance with the Financial Market Conduct Act (Act 2013), anyone who provides the following services to retail customers must obtain a Financial Market Supervisory Authority (FMA) license: companies that manage investment schemes, Independent investment management, P2P lending platform, crowdfunding platform, operating derivatives services.

Dispute Resolution Agency

All financial companies in New Zealand that provide financial services to retail customers are required to register as a member of the Consumer Dispute Resolution Scheme.
There are currently four types of dispute settlement bodies in New Zealand:
1. Bank Ombudsman Agency: https://bankomb.org.nz/
2. Insurance Financial Services Ombudsman (IFSO): http://www.ifso.nz/
3. Financial Services Complaint Company: http://www.fscl.org.nz/
4. Financial Dispute Settlement Body: http://www.fdr.org.nz/
Which dispute resolution agency each financial company belongs to is listed in the FSPR's company information. If you are unable to deal with the issue with the financial company, you can complain to the Dispute Body for free.
If a financial services company is in breach of the Financial Markets Conduct Act (Act 2013), the Financial Advisers Act, or other financial markets legislation, users may lodge a complaint with the Financial Markets Authority (FMA). If it is found that the New Zealand financial services provider does not have legal registration information, it can also be reported to the FMA.

How to Complaint

Complaints possible
1. Provide or attempt to provide financial services if not registered with FSP;
2. If a person who does not meet the license qualifications serves as a financial service provider, a manager of a financial enterprise, or controls the ownership of a financial enterprise;
In the above 2 cases, you can complain to FSP:
Online Complaint Form: https://www.companiesoffice.govt.nz/fsp/help-support/complaint-form
Mailing address: Enforcement Unit, Registrar of Financial Service Providers, PO Box 5004, Wellesley Street, Auckland 1141, New Zealand

Related Links

New Zealand Legislative Council: http://www.legislation.govt.nz/
New Zealand Banking Ombudsman: https://bankomb.org.nz/
New Zealand Insurance Financial Services Ombudsman (IFSO): http://www.ifso.nz/
New Zealand Financial Services Complaints Corporation (FSCL): http://www.fscl.org.nz/
New Zealand Financial Dispute Settlement (FDR): http://www.fdr.org.nz/
New Zealand Financial Markets Authority (FMA): http://fma.govt.nz/

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