Registration and cost for Authorised body under a financial advice provider licence

Registration

All authorised bodies under a Financial Advice Provider licence must be registered on the Financial Service Providers Register (FSPR). This is a public register which is maintained by the Companies Office.

Any financial advisers you engage as an authorised body must also be registered on the FSPR. 

Engaging financial advisers

When your entity engages a financial adviser, you must record details of the engagement on the FSPR. 

This must be done within three months or the financial adviser may be deregistered if they offer no other services. 

Remember that you may need to link to yourself on the FSPR if your company will engage you, personally as a financial adviser under its licence. 

Visit the Companies Office website for more information

Costs

When a financial advice provider applies for a full licence, it will need to pay a fee of $178.25 (incl GST) to the FMA for each authorised body named on its application. 

The FMA levy (payable at annual confirmation) for an authorised body will initially be $759.00 (incl GST).

Note that MBIE have announced an increase in FMA levies, which will be phased in over the next three years. For full details, including the increased levy amounts (exclusive of GST) that will apply from 15 March 2021, 1 July 2021 and 1 July 2022 see the MBIE website.

The FMA levy (payable at annual confirmation) by a licensed financial advice provider will vary depending on how the financial advice provider chooses to operate in the new regime.

Authorised bodies will also be charged a fee of $86.25 (incl. GST) at annual confirmation.