Who needs to comply
You will need a licence if you are appointed as an independent trustee of a restricted KiwiSaver scheme or a workplace superannuation or legacy scheme.
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).
Licensing and registration
To ensure your application runs as smoothly as possible, follow the steps below:
- Review the licensing guides below as they contain all the information you need to complete and submit your application.
- Read the standard conditions for licensing to fully understand your obligations
Fees
The fee payable to the FMA when you apply for a new FMC Act licence for an Independent trustee of a restricted scheme is $2,139 (excl. GST). The fee includes 15 hours of assessment hours.
We may charge an additional fee at the FMA hourly rate where our assessment of an application exceeds the included number of hours. If an additional fee is changed for your application, we will let you know in advance and provide you with a reason for this. We may also invoice you for any costs of external advice or assistance.
Ongoing obligations
All licensed trustees have a number of obligations, in addition to the minimum standards and standard conditions set out in their licence. These obligations include meeting the relevant professional standard of care; monitoring your compliance; identifying material changes of circumstances; meeting reporting obligations and notifying the FMA of certain events and providing us with information. A list of your obligations can be viewed below:
Minimum standards
To become a licensed independent trustee you will have to meet and maintain certain minimum standards. The key standards in the Act (section 396) include:
- You must be a fit and proper person for the role of independent trustee.
- You or your business must be capable of performing the service effectively and in keeping with your licence conditions.
- We must have no reason to think you’re likely to contravene your licensee obligations.
There are other important requirements. Read more about the minimum licensing standards and conditions in our licensing guide.
Fair dealing
The FMC Act sets out minimum compliance standards of behaviour for people operating in the financial markets. It prohibits:
- misleading or deceptive conduct
- false, misleading or unsubstantiated representations
- offers of financial products in the course of unsolicited meetings.
Read more about the Financial markets Conduct Act 2013 (FMC Act)
Forms for amendments and changes
To be completed if there are changes to directors or senior managers
It is a standard condition of licensing for independent trustees (corporates) to notify the FMA of changes to directors or senior managers of a licensee and/or key personnel of an authorised body. To notify us of a change to your key people and managers as required by the licensing standard conditions, please send an email to compliance@fma.govt.nz outlining what the changes are and the qualifications and experience of the new or replacing personnel, e.g. attach their c.v.
Download Notification of change of director or senior manager by the licensee and/or key personnel of authorised body DOC.
(Refer Financial Markets Conduct Regulations 2014 r 191).
