New Zealand Act
This Act sets out registration and dispute resolution requirements for financial service providers in New Zealand.
Plain-English explainers, not legal advice. Use the linked official source for section-level detail, and get advice for your situation.
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The Act applies to persons who provide or offer to provide financial services in New Zealand in the course of business. A financial service includes activities such as lending, insurance, financial advice, and operating licensed financial markets, as defined in the Act.
Whether your business is caught depends on the nature of your activities and whether you are acting commercially rather than occasionally or privately.
Sense check
Financial service providers must be registered before offering or providing financial services in business. The Act prohibits holding out that you provide financial services unless you are registered and, where required, a member of an approved dispute resolution scheme.
This means you cannot advertise, promote, or represent your business as a financial service provider without meeting these requirements.
Practical sense check
If you provide financial services to retail clients, you generally must belong to an approved dispute resolution scheme. These schemes provide an independent process to resolve disputes without going to court.
The Act sets out how schemes are approved and the obligations on members, including compliance with scheme rules and binding dispute resolutions.
Failing to comply with dispute resolution requirements can lead to offences and enforcement actions.
The Act requires financial service providers to keep their registration details up to date. This includes notifying the Registrar of changes to business details, ownership, directors, or contact information.
Annual confirmation of registration information is also required to maintain an accurate public register.
Failure to update information or confirm registration annually can lead to deregistration or enforcement action.
The Registrar has powers to inspect documents, require information, and verify the accuracy of registration details. Providers must cooperate with these inspections and respond promptly.
The Act also prohibits false or misleading representations about registration status or dispute resolution scheme membership.
Sense check
Compliance obligations often arise from everyday business decisions. These include launching new financial services, expanding to New Zealand clients, advertising financial services, onboarding retail clients, or changing business details.
Being aware of these triggers helps avoid unintentional breaches.
Practical sense check
A financial service provider is a person or business that provides or offers to provide a financial service in the course of business. Financial services include lending, insurance, financial advice, and operating licensed financial markets, as defined by the Act.
Registration is required before offering or providing financial services in business. This includes before marketing or onboarding clients.
If you provide financial services to retail clients, you generally must belong to an approved dispute resolution scheme to handle disputes independently.
It is an offence to hold out as a financial service provider without being registered and, where required, a member of an approved dispute resolution scheme. This can lead to penalties and enforcement action.
You must notify the Registrar of any changes to your business details and complete annual confirmation requirements to maintain accurate registration information.