Eligibility criteria
Before you begin, make sure you are registered on FSPR and check if you are eligible for a licence. Your application needs to show us how you will be able to meet the legal criteria of a financial service provider. Know the criteria for the licence you plan to apply for.
Minimum standards
As a licensee, you must have proper systems and processes in place to carry out your business. The FMA licensing guides lists seven categories of minimum standards that licence holders must meet.
The minimum standards cover seven areas of good practice expected of a business:
- Fit and proper
- Capability
- Operational infrastructure
- Financial resources
- Governance
- Culture
- Compliance
Even though there is not a fixed set of rules about how you should meet the minimum standards in the licensing guides, it is important that your application clearly outlines the systems and processes you have in place to meet the minimum standards specific to your financial service.
Standard conditions
When we grant you a licence, you will have to comply with certain conditions under the FMC Act 2013, the Financial Markets Conduct Regulations, or any conditions we decide to impose. Conditions vary for different types of licences.
There are standard and specific conditions for each type of licence. Some examples include: keeping relevant records and providing information on the strength of your finances, among others.
Need help understanding minimum standards and standard conditions?
Email our team before you start applying.
Once you are a licence holder, you will have on-going obligations.
