The Financial Service Providers (Registration and Dispute Resolution) Act 2008 ('the Act') was passed into law on 29 September 2008.
The Financial Service Providers Register (FSPR) opened to accept applications on 16 August 2010. Registration for most financial service providers (FSPs) became compulsory on 1 December 2010, after which date most FSPs must be registered to legally provide their services.
The key objectives of the register are to:
- Provide an electronic register of FSPs, as mandated by the Financial Service Providers (Registration and Dispute Resolution) Act 2008;
- Increase the level of transparency of public information related to FSPs, their licensed services and their related dispute resolution schemes;
- Ensure certain people are prevented from being involved in the management of FSPs, such as those with specific criminal convictions;
- Assist New Zealand to comply with its international obligations to prevent money laundering and the financing of terrorism;
- Provide a ‘one stop shop’ to enable Financial Service Providers to meet registration and authorisation requirements via a single web page.
Registration
Entities and individuals who:
- live or have a place of business in New Zealand; and
- are in the business of providing financial services (in New Zealand or overseas)
must register on the FSPR to provide that particular financial service.
In order to register as an FSP, applicants will have to pass a criminal conviction background check, and those who provide services to retail clients will have to join an approved consumer dispute resolution scheme.
Informations retrieved directly from the FSPR website www.business.govt.nz/fsp
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