Licensing Guide Part B contains all the specific questions you’ll be asked and the minimum standards you’ll need to show you meet. It also details the information and supporting documents you’ll need to provide when you submit your application. Download the licensing guide Part B: Independent Trustee PDF
Read the standard conditions for licensing to fully understand your obligations
The fee payable to the FMA when you apply for a new FMC Act licence for an Independent trustee of a restricted scheme is $2,139 (excl. GST). The fee includes 15 hours of assessment hours.
We may charge an additional fee at the FMA hourly rate where our assessment of an application exceeds the included number of hours. If an additional fee is changed for your application, we will let you know in advance and provide you with a reason for this. We may also invoice you for any costs of external advice or assistance.
All licensed trustees have a number of obligations, in addition to the minimum standards and standard conditions set out in their licence. These obligations include meeting the relevant professional standard of care; monitoring your compliance; identifying material changes of circumstances; meeting reporting obligations and notifying the FMA of certain events and providing us with information. A list of your obligations can be viewed below:
To become a licensed independent trustee you will have to meet and maintain certain minimum standards. The key standards in the Act (section 396) include:
You must be a fit and proper person for the role of independent trustee.
You or your business must be capable of performing the service effectively and in keeping with your licence conditions.
We must have no reason to think you’re likely to contravene your licensee obligations.
There are other important requirements. Read more about the minimum licensing standards and conditions in our licensing guide.
The FMC Act sets out minimum compliance standards of behaviour for people operating in the financial markets. It prohibits:
misleading or deceptive conduct
false, misleading or unsubstantiated representations
offers of financial products in the course of unsolicited meetings.
To be completed if there are changes to directors or senior managers
It is a standard condition of licensing for independent trustees (corporates) to notify the FMA of changes to directors or senior managers of a licensee and/or key personnel of an authorised body. To notify us of a change to your key people and managers as required by the licensing standard conditions, please send an email to email@example.com outlining what the changes are and the qualifications and experience of the new or replacing personnel, e.g. attach their c.v.
Outline how we apply a flexible approach to applications.
How the minimum standards and FMC Act eligibility criteria fit together.
Shows the linkage between our view of good conduct and the minimum standards in our licensing guides.
Signals our focus on monitoring of our current licence holders.
Clarifies the ongoing legal obligations for licence holders.
It is helpful to read the Licensing overview report alongside the guide to the FMA’s view of conduct. Together, these documents give a good indication of our areas of future focus, our overall approach to monitoring; and what we expect of licensed providers of financial products and services.