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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

16 Jun 2025 Mon 12:00pm

2025 New Zealand Capital Market Symposium (NZCMS)

The New Zealand Capital Market Symposium brings together finance academics and industry practitioners to discuss current issues shaping New Zealand’s financial markets. This year's theme is the role of AI and fintech in financial markets.

19 Jun 2025

Community Advice Bureau, Waiheke team scam awareness training

Thu 2:00pm
25 Jun 2025

NZ Society of Actuaries - Appointed Actuary Forum event

Wed 9:00am
See details →
22 Jul 2025

New Zealand Risk & Resilience Summit 2025

Tue 9:00am
See details →

Latest

Research
29 Apr 2025
Consumer Confidence Factsheet 2025
A nationwide Consumer Confidence Survey was commissioned by the FMA in 2024, with the aim of gaining a better understanding of New Zealanders’ exper ...
Research
29 Apr 2025
​Key takeaways from the CrowdStrike event survey​
In October 2024, the FMA conducted a survey to see how well financial service providers were prepared for and responded to the CrowdStrike incident.
Reports and papers
04 Apr 2025
Fair conduct programme insights report
Insights from the FMA’s review of fair conduct programmes received from financial institutions ahead of the commencement of the CoFI regime
Media releases
31 Mar 2025
CoFI regime now in effect 
The Conduct of Financial Institutions (CoFI) regime is now in effect—FMA expects licensed banks, insurers, and lenders to treat NZ consumers fairly ...
Speeches & presentations
04 Feb 2025
Speech by Samantha Barrass to the Financial Services Council Outlook 2025
Samantha Barrass, Chief Executive FMA speaks at the Financial Services Council Outlook 2025.
Media releases
23 Dec 2024
Westpac admits to misleading representations that resulted in $6.35m in overcharges
Westpac New Zealand Limited has admitted to misleading customers entitled to advertised discounts as well as overcharging some of its business custome ...

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).