New Financial Service Providers Register launched

The Financial Service Providers Register (FSPR) opens today to accept applications from any person, business, or organisation that provides a financial service in or from New Zealand.

“Whether you transfer, invest, or provide advice about money, or any number of other services having to do with money or investments, you’ll have to register,” said Justin Hygate, Group Manager of Business Registries at the Ministry of Economic Development.

The Minister of Commerce Simon Power announced the FSPR opening date last week. He noted that the regime “is essential if we are to have a financial sector which investors and investment product providers can have confidence in”.

There is a registration implementation period from 16 August to 1 December 2010, after which date financial service providers must be registered to legally provide their services (except for financial advisers who have until 31 March 2011 to be registered).

“But don’t wait,” said Hygate. “Registering early means you can be found on the FSPR”.

The Financial Service Providers (Registration and Dispute Resolution) Act 2008 requires that any person, business, or organisation that provides financial services must register. The Act is part of the government’s new financial industry regime which aims to improve transparency and consumer redress. Companion legislation is the Financial Advisers Act 2008 which covers authorisation of financial advisers by the Securities Commission.

The public can search the FSPR for free to check the registration status of a person or business they are considering for their financial services. For financial advisers, the FSPR will also show their authorisation status.

Read about the FSPR and registration requirements on the FSPR website at www.fspr.govt.nz.

More information:

www.fspr.govt.nz

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