The purpose of this annual confirmation is twofold:
- To confirm the FSP is still in business and legally qualified to operate, and
- To confirm the information held on the FSP register, about the FSP, is still correct
Failure to provide an annual confirmation may result in a deregistration action being initiated by the Registrar.
Deregistration of financial service provider
If you have received a notice of intention to deregister from the Register of Financial Service Providers it is probably because you have not filed your annual confirmation. The notice will contain the reasons for deregistration. You have a period of 20 working days from the date of the Registrar’s notice to respond. Within the 20 day notice period you should:
- Contact the Registrar or call 0508 377 746 to ascertain your status and provide the Registrar with the correct email address if necessary, and
- File your annual confirmation online. Filing your annual confirmation online is an easy process. See below.
If the notice provides any other reasons for the proposed deregistration action these need to be addressed appropriately.
Filing your annual confirmation online
Filing the annual confirmation is an easy online process done in three steps. An annual confirmation fee of NZ$61.33 (GST inclusive) applies. (This fee may change at any time).
Step 1
Visit the FSPR and logon using your igovt login id and password.
Next select the option Online Services – Do It Now and choose Search for FSP and bring up your details by entering your name or your FSP number.
If you were sent a reminder to file your annual confirmation the FSP details will appear in your My Unfinished Business (MUB). Click on the FSP name in your MUB to begin filing your annual confirmation.
Alternately, you can select the My Tools menu on the FSP details page and then select File Annual Confirmation.
Step 2
Check and, if necessary, update some or all of the following information about you (the FSP):
- Your general details
- The financial services you offer
- Financial Markets Authority details
- Dispute resolution scheme you are a member of
- Directors
- Controlling owners and senior managers
Step 3
The final step in filing your annual confirmation is to Submit and Pay
A full description of the process for filing the annual confirmation online is available from the FSPR website.
Updating FSP details and financial services
FSPs are also required, under Section 17 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008, to notify the Registrar of any changes to their registration. FSPs can fulfil this obligation by updating their details online.
Examples of changes could be a change of registered addresses, the dispute resolution scheme the FSP belongs to, or any change to the financial services they provide.
FSPs are required to notify the Registrar about the change(s) within 10 working days from the date the FSP comes to know about the change. A failure to do this may attract a fine of up to NZ$10,000.
Information on how to update your details and services is also available from the FSPR website.
