Financial Institutions

The CoFI Act creates a new market service of “acting as a financial institution." We refer to this market service as the “financial institution service”. The licence for this new market service is known as a “financial institution licence”.

Topics covered in this section

Financial institution licensing

Any registered bank, licensed insurer, or licensed non-bank deposit taker in the business of providing one or more relevant services will need to hold a financial institution licence to operate, if that service is received by a consumer in New Zealand.

Licensing FAQs

Our team has fielded a number of questions from various financial insititutions about licensing. Please take a moment to read through the licensing FAQs ahead of applying for your licence.

Fair Conduct Programme

A fair conduct programme (FCP) means policies, processes, systems and controls that are designed to ensure the financial institution’s compliance with the fair conduct principle. A financial institution’s FCP must be in writing and must meet the minimum requirements set out in the CoFI Act.

Fair conduct programmes - information for smaller firms

This information sheet provides information and examples to help smaller Financial Institutions (FIs) establish, implement and maintain their fair conduct programme. It complements our other resources relating to FI licensing. It will be useful for smaller firms holding or applying for a licence to act as an FI under the Financial Markets Conduct Act 2013.

Financial institution regulatory returns

Regulatory returns are due annually by 30 September for the 12-month period from 1 July to 30 June. The first return period will commence 1 July 2025.

Question or concern about CoFI?

Please get in touch. We're happy to help.

Useful links

Upcoming events and announcements

25 Aug 2025 Mon 4:00pm

Simpson Grierson Seminar on FMA’s response and enforcement work

FMA to speak at Simpson Grierson on its response and enforcement work, as part of the law firms regular programme of engagement with regulators.

10 Sept 2025

FSC Conference

Wed 12:00pm

See details →

15 Sept 2025

Steadfast Financial Advice Conference

Mon 12:00pm

24 Sept 2025

IRD Senior Tax Technical Conference

Wed 12:00pm

Latest

Media releases

06 Aug 2025

FMA warns Kiwibank for overcharging customers

FMA warns Kiwibank for overcharging 8,663 joint account customers, breaching FMC Act with misleading fee representations.

Podcast

31 Jul 2025

Inside the FMA: Fair Dealing in Financial Services

FMA insights on CoFI regime and consumer protection. Fair dealing breaches in NZ banks and insurers led to $215M repayments.

Reports and papers

30 Jul 2025

Weather Events Claims Insights

This report provides observations and key findings from our research into the effectiveness of Aotearoa New Zealand’s domestic fire and general ins ...

Media releases

30 Jul 2025

Insurance companies have improved their processes but more to do in extreme events

FMA urges insurers to improve claims processes after Auckland floods & Cyclone Gabrielle under new CoFI regime.

Reports and papers

25 Jun 2025

Financial Conduct Report

The Financial Conduct Report is an annual publication providing key regulatory priorities for the coming year for the financial advice, investment man ...

Media releases

25 Jun 2025

New Financial Conduct Report sets out key areas of FMA focus for the year ahead

The FMA has today released The Financial Conduct Report designed to provide clarity to the financial sector on what to expect from the regulator in th ...

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Financial institution licensing guide

This guide explains how to make an application for a licence, and the criteria you will need tomeet to obtain a licence.

Standard conditions for financial institution licences

All financial institutions and their authorised bodies need to comply with standard conditions to obtain and maintain their licence.

Fair Conduct Programme

This document provides useful information to assist financial institutions in the preparation of a Fair Conduct Programme (FCP).