Financial service providers (FSPs) need to be registered on Financial Service Providers Register.
If you're providing certain financial services you also need to be either licensed or certified. Some financial service providers are also reporting entities under the AML/CFT Act so have extra responsibilities.
Once registered, you need to comply with the requirements of the legislation, including keeping your details up to date on the register.
Financial advisers must be engaged by a licensed Financial Advice Provider (FAP). It’s now a 2-step process to record the engagement on the register.
- In step 1, either party can initiate the linking.
- In step 2, the other party must confirm or decline the engagement.
Financial advisers also need to meet certain duties and obligations, such as complying with the Code of Professional Conduct.
Time to file your annual confirmation?
To remain registered, every year you must confirm your FSP's details and services with us.
It's a 2-step process. Begin by checking that your details are up to date, then file your annual confirmation.