FMA financial advice provider licensing: FSP and disclosure rules

The Financial Markets Authority regulates financial advice providers (FAPs) and individual advisers. If you provide regulated advice to retail clients, you must operate under a licensed FAP with proper disclosure, conduct and complaint processes.

Class exemptions exist for narrow scenarios but do not cover most planners, mortgage advisers transitioning to the new regime, or crypto-adjacent promoters giving personalised recommendations.

FMA licensing interviews test your compliance arrangements — outsourcing does not outsource liability. AML reporting to the DIA supervisor runs in parallel for many advisers.

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