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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

25 Mar 2026 Wed 1:00pm

Financial Advice NZ – National Adviser Conference

Samantha Barrass will attend a CEO Advice Forum and give the Mainstage Keynote address

Latest

ASB ordered to pay $2.1m after fair dealing breaches affecting over 25,000 customers
Media releases
05 Mar 2026
ASB ordered to pay $2.1m after fair dealing breaches affecting over 25,000 customers
ASB fined $2.1m for fair dealing breaches affecting 25000 customers after failures in discounts and fee exemptions.
FMG admits to making misleading statements and makes payment of $2.1 million
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FMG admits to making misleading statements and makes payment of $2.1 million
FMG admits misleading statements after FMA investigation with $2.1m payment and customer remediation over specified items and indexation issues.
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Market Cleanliness in the New Zealand Equity Market
This research report examines the cleanliness of the New Zealand equity market since 2004.
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FMA issues market cleanliness report
The FMA has released its latest market cleanliness report, analysing insider trading trends on the NZX from 2004 to 2025.
FMA issues a warning to insurance company for failure to apply advertised discounts
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30 Jan 2026
FMA issues a warning to insurance company for failure to apply advertised discounts
FMA warns AIOI for failing to apply motor insurance discounts with 5055 customers overcharged and highlights issues with controls and systems
Tower ordered to pay $7 million penalty for misleading representations
Media releases
09 Dec 2025
Tower ordered to pay $7 million penalty for misleading representations
General insurer Tower has been ordered to pay a $7 million penalty for misleading representations that resulted in more than $11 million in overcharge ...

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).