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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.

Question or concern about CoFI?

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

 Useful links 

Upcoming events and announcements

21 Jul 2026 Tue 10:00am

2026 Financial Advice Provider (FAP) Forums (Wellington Session 1)

Join us as we share case studies, discuss access to advice and report on key learnings. Come away with insights into our focus for the year ahead, and practical value you can take back to your business. 

See details →
21 Jul 2026

2026 Financial Advice Provider (FAP) Forums (Wellington Session 2)

Tue 2:00pm
See details →
23 Jul 2026

2026 Financial Advice Provider (FAP) Forums (Palmerston North Session)

Thu 2:00pm
See details →
28 Jul 2026

2026 Financial Advice Provider (FAP) Forums (Auckland CBD Session 1)

Tue 10:00am
See details →

Latest

Financial Conduct Report
Reports and papers
30 Jun 2026
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 ...
FMA sets out regulatory priorities for 2026/27
Media releases
30 Jun 2026
FMA sets out regulatory priorities for 2026/27
FMA Financial Conduct Report 2026 outlines regulatory priorities including fraud scams consumer credit and financial advice in New Zealand.
BNZ admits misleading conduct and pays $2.6 million
Media releases
17 Jun 2026
BNZ admits misleading conduct and pays $2.6 million
BNZ admits misleading conduct on interest calculations and pays 2.6 million after FMA action affecting over 23,000 customers
Insurer benefits and campaigns insights
Reports and papers
11 Jun 2026
Insurer benefits and campaigns insights
Observations on the approach insurers under CoFI are taking to ensure consumers are treated fairly in relation to incentives – specifically non-mone ...
Ensuring fair consumer outcomes from insurer benefits and campaigns
Media releases
11 Jun 2026
Ensuring fair consumer outcomes from insurer benefits and campaigns
FMA outlines expectations for insurer benefits and sales campaigns to support fair consumer outcomes under the CoFI regime in New Zealand.
FMA files 61 mortgage fraud charges against six individuals
Media releases
03 Jun 2026
FMA files 61 mortgage fraud charges against six individuals
FMA files 61 charges against six individuals over alleged mortgage fraud in Manukau District Court under multiple New Zealand laws.

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).