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Page last updated: 25 March 2025

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

04 Nov 2025 Tue 12:00pm

Anti-Money Laundering & Countering Financing of Terrorism Conference 2025

This year’s theme, “The New Financial Battlefield: Crime and the Global Power Shift”, will explore how financial crime threats are evolving across borders and how stronger partnerships between reporting entities, regulators, and enforcement agencies can achieve better outcomes.

05 Nov 2025

FMA/Commerce Commission Credit roadshow (Auckland)

Wed 12:00pm
06 Nov 2025

Westpac KangaNews conference

Thu 12:10pm
See details →

Latest

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06 Oct 2025
IAG to make pecuniary penalty payment of $19.5 million for widespread failures
IAG NZ fined $19.5M for misleading insurance practices, affecting 269K customers. FMA highlights systemic failures.
Research
30 Sept 2025
Why don’t consumers complain?
FMA research reveals barriers in NZ consumers' complaints process, with insights from CCS 2024 and CES 2022 surveys.
Guidance
30 Sept 2025
Complaints: Ensuring consumers are treated fairly
This information sheet provides information and examples to help financial service providers licensed under the Financial Markets Conduct Act 2013 ens ...
Media releases
30 Sept 2025
Companies encouraged to do more to help customers complain
FMA urges financial firms to improve complaints processes, making them accessible, fair, and transparent for NZ consumers.
Media releases
08 Sept 2025
ANZ admits to making misleading statements and makes payment of $3.25 million
ANZ admits misleading conduct, pays $3.25M after FMA investigation into overdraft fees and mortgage incentive breaches.
Reports and papers
01 Sept 2025
NZ IFRS 17 Insurance Contracts thematic review insights
Insights from the FMA’s review of the implementation of NZ IFRS 17 by New Zealand insurers.

Featured

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).