New Deadlines

All FSPs - except financial advisers - must be registered by 1 December, 2010. 

Financial advisers are strongly encouraged to register by 1st December, but have until 31 March 2011 to do so.

1 December 2010

  • All FSP's who are not financial advisers must be registered on the FSPR. All advisers are encouraged to register by this date.
  • Advisers seeking AFA status must lodge their Advisor Business Statement (ABS) and other supporting documents with Financial Markets Authority at time of registration.
  • ­FSP's (other than Adviser organisations) seeking QFE status must have their Advisor Business Statement (ABS) lodged with Financial Markets Authority

31 March 2011

  • All financial advisers (companies and individuals) must be registered on the FSPR by this date
  • Advisers applying for AFA status must have their ABS lodged with Financial Markets Authority
     

1 April 2011

  • Advisers should apply for authorisation if they have not already done so. It is unlikely that applications received after this date will be processed in time for 1 July 2011

1 July 2011

  • Financial Advisers Act fully in force - you must be authorised by this date if you wish to provide any services that are reserved for AFAs under the Financial Advisers Act

From this date, it is an offence to provide advice on category 1 products, or provide discretionary investment management services or investment planning services, if not authorised.
 

One of the requirements of registration is membership of an independent dispute resolution scheme such as FDR. Membership of FDR is available to any person or organisation supplying financial services or advice to retail clients in New Zealand. Becoming a member of the FDR scheme completes one of the critical steps in becoming registered to operate as a Financial Service Provider. 

Please call FDR on 0800 337 337 for any enquiries.