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

24 Jun 2026 Wed 8:30am

Appointed Actuaries Forum

FMA Head of Insurance Jane Brown and Director, Deposit Taking, Insurance and Advice, Michael Hewes will both speak at the NZ Society of Actuaries’ Appointed Actuaries Forum. This year’s theme is Shaping the Future — Regulation, Affordability, and Innovation.

See details →

21 Jul 2026

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

Tue 10:00am

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 →

Latest

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

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 ...