Page last updated: 30 November 2022

Financial Institutions

Under the Financial Markets (Conduct of Institutions) Amendment Act 2022 (CoFI Act), a financial institution is a registered bank, licensed insurer, or licensed non-bank deposit taker (NBDT) that is in the business of providing one or more relevant services. Financial institutions can apply for a financial institution licence from 25 July 2023. The CoFI Act requires financial institutions to be licensed by early 2025 to continue providing relevant services to consumers.

For more information, please visit our CoFI legislation page. 

Financial Institutions pill

If you are a registered bank, licensed insurer or licensed non-bank deposit taker (NBDT) that is in the business of providing one or more relevant services to consumers, you will need a financial institution licence to continue to operate from early 2025. The FMA will start accepting licence applications from 25 July 2023. Licence applications must be made online via the FMA website and a link will be provided through to our online portal once applications have opened.

We encourage you to start preparing early to apply for your financial institution licence. While you can’t yet submit your application, you can review our licence application guide and fair conduct programme information sheet.

View our financial institution licensing page for more information.

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

View our fair conduct programme page for more information.

Latest

Consultation: Proposed standard conditions for financial institution licences
Consultation on proposed standard conditions for financial institution licences and resulting documents.
Fair conduct programmes
Information and examples to help banks, insurers and NBDTs establish, implement and maintain their fair conduct programmes as part of their financial ...