Who needs to comply

Every restricted managed investment scheme must have at least one licensed independent trustee. They must meet the definition of independent in the Act (section 131). A restricted scheme is a KiwiSaver, superannuation or workplace savings scheme on the register of Managed Investment Schemes, and is identified on it as a restricted scheme. You'll need a licence if you are appointed as an independent trustee of a:

• Restricted KiwiSaver scheme
• Workplace superannuation or legacy scheme.

Your obligations

Licensees have a number of obligations, in addition to the minimum standards and standard conditions set out in their licence. These obligations include notifying the FMA of certain events and providing us with information. All notifications should be emailed to the FMA at compliance@fma.govt.nz, noting the relevant obligation in the subject line of your email. 

Fair dealing

Read how the FMC Act provides for fair dealing in relation to financial products and services and sets out minimum compliance standards of behaviour for people operating in the financial markets.

Licensing

Find out how to apply for a licence here.

Fees and levies