Find answers to common questions and who to get in touch with if we can’t help. Please check the information we provide in each section before contacting us – it may save you time. If you can’t find the information you’re looking for then please submit your question to us via [email protected] or call one of our helplines.
What to do if you have a dispute with a provider
Can the FMA help me resolve a dispute with my investment provider?
No, we cannot help you directly. All businesses who offer financial services must belong to an independent dispute resolution scheme.
Your provider must provide the name of their dispute resolution scheme in their disclosure documents, or you can search for it on the Financial Service Providers Register.
If you have a dispute with your financial service provider there are several ways you can address the problem:
- Raise the matter with the company or individual directly.
- Make a complaint to the company or individual using their complaint process – this should be described on their website or in documents they sent to you.
- Contact the dispute resolution scheme they are a member of to help resolve your problem. This service is free. They can give advice on how to make an effective complaint and may be able to assist you. However, ensure you should take your complaint to the business or individual as well.
What is a dispute resolution scheme (DRS)?
To register on the FSPR, all individuals or businesses that provide a financial service to retail clients in New Zealand must belong to a dispute resolution scheme. There are four approved dispute resolution schemes:
- Banking Ombudsman - investigates and resolves disputes between customers and their banks. The Banking Ombudsman also deals with complaints about a range of non-bank financial service providers.
- Insurance & Financial Services Ombudsman - considers complaints against insurance and savings organisations and some other financial service providers that are members of its scheme.
- Financial Services Complaints Limited - considers complaints against financial service providers that are members of its scheme.
- Financial Dispute Resolution Service - (operated by FairWay Resolution) considers complaints against financial service providers that are members of its scheme.
Credit - including hire purchase and debt
I have a question about my credit card with a finance company.
Consumer Protection and the Commerce Commission have information about your rights when you use credit cards, store cards, buy goods or services on credit or get cash loans.
If you're worried about a loan you've got with a finance company, please contact the Commerce Commission.
We also suggest you seek legal advice. This is free from any Citizen Advice Bureau or Community Law Centre. Some help is available from budget services organisations such as Family Budgeting.
How can I get my money back?
Can the FMA get my money back?
No, we cannot help you to get your money back.
Whether you can get any money back depends on the type of investment you have and the financial status of the company or person you have invested in.
We suggest you seek legal advice from a lawyer to discuss your circumstances and work out your options.
If you have contacted their dispute resolution scheme provider and they are unable to help you, you can file a complaint with us; but we generally will not be able to assist you directly.
I've paid money to someone registered on the FSPR and now can't access my funds. Can the FMA help me get my money back?
Just because someone is registered on the FSPR does not mean they are licensed or regulated, and you may not be able to get your money back.
If you have tried contacting them and used their dispute resolution scheme without success, you can make a complaint to us. We will not be able to help you get your money back if the company or individual is based overseas, however, we can provide you with publicly available information about them, such as where they are registered and who their directors are from the Companies Office.
If the business is located in New Zealand, we may have more ability to help, however, we cannot assist individual investors.
Fraud or scams
How do you know if an investment is a scam?
See our scams page to learn some of the hallmarks of scams.
You can also check:
- Consumer Protection’s Scamwatch for scams known to be circulating in New Zealand. You can report a scam on their website too
- Department of Internal Affairs who list a range of scams by format, eg, email, text message, phone, fax and postal scams. You can report scams to them, including forwarding text message scams to the free shortcode 7726 (SPAM).
If the scam relates to an illegal investment offer or scheme you should also contact the FMA.
You can also report any online incidents such as scams, frauds, computer security, privacy breaches or suspicious spam messages to NetSafe.
Can the FMA tell me which businesses to avoid?
We publish a list of businesses and individuals we recommend investors be wary of.
What do I do if I think someone has stolen my identity?
You should contact the Police in the first instance.
How to have a warning removed
If you believe that a warning has been published in error, or there are other good reasons for us to take down a warning that has been published, please contact us, providing the following information:
- your contact details
- the warning you would like removed
- your reasons why the FMA should take down the notice
- evidence to support your reasons.
We will assess your request and, if appropriate, remove the notice as soon as possible. The more information you provide, the easier it will be for us to act quickly.
We may contact and consult with other people who have an interest in the outcome of a request to remove a warning.
How to check if a business is legitimate
Can the FMA confirm if a company is legitimate?
We do not provide security or confirmations of legitimacy for any business or individual on the FSPR. We strongly suggest before investing any money that you:
How do I check if a business is registered in New Zealand?
You can check whether or not a company is registered in New Zealand at the Companies Office. You can also find basic details about a company such as names of directors, addresses, registered shareholders and financial statements there.
What is the Companies Office?
The Companies Office is the government agency responsible for administrating the register of companies in New Zealand. It administers a number of other business registers such as the Financial Service Providers Register (FSPR).
What is the FSPR?
The Financial Services Providers Register (FSPR) is an online register of the people, businesses, and organisations that offer financial services to persons in New Zealand.
By law, any business or person providing financial services to persons in New Zealand has to be registered and the company name or individual has to be listed on it if the Financial Service Providers (Registration and Dispute Resolution) Act 2008 applies to their business. Some examples include financial advice providers, finance companies, fund managers and foreign currency exchange dealers. Businesses or individuals are only able to be registered on the FSPR if they are actually providing financial services to persons in New Zealand.
If a company is registered on the FSPR does the FMA regulate them?
Not necessarily. The numbers of businesses and individuals that we regulate have grown under the new laws but we don’t regulate everyone.
| IMPORTANT: As part of the process, limited criminal checks are done on a business or individual who is applying to be added to the FSPR. No other checks or assessments are made. Being registered on the FSPR does not mean a business or individual is licensed or regulated by us or that they are based in New Zealand. If you use an unlicensed provider, it’s very unlikely you will recover your money if things go wrong, particularly if they are based overseas.
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What sort of information will the FSPR tell me?
The FSPR can help you:
- obtain a business address
- see the types of financial services the registered company, or individual, provides to customers. Some examples include money transfers, investment management or financial advice
- see any licences or an authorisation status that the company or individual may have
- see what dispute resolution scheme they belong to.
How do I know if my bank is safe?
The Reserve Bank of New Zealand (RBNZ) registers banks, licenses insurers (insurance companies) and undertakes their prudential supervision – that means they monitor how stable and safe they are. You'll find further information on the RBNZ website.
How do I know if my insurance company is licensed?
Check the Reserve Bank of New Zealand website for a list of licensed insurance companies
Compliance matters
Can we come into speak to you on whether we need to be licensed/registered?
Licensing and registration requirements are detailed under each role on the FMA website. If you cannot find what you are looking for, please contact the FMA.
Can you give me legal advice on my business structure and if I comply?
We do not provide legal advice. In most cases you will need to talk to a qualified legal adviser who can tell you how the law applies to you and your particular business. We can help you though with your disclosure, financial reporting, licensing and other regulatory requirements.
How do I find my FSPR number/change my contact details on the register?
To find your details, visit the Companies Office website and type in your surname in the search box. This will bring up your details.
To change or update your details on the FSPR, you will need to log in to the Companies Office website using your RealMe® login and password.
