Fees and Levies

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FEES AND LEVIES

NR19-FeesLevies-890

Updated 16 April 2021
Financial advice providers must be registered on the Financial Services Provider Register (FSPR) and licensed by the Financial Markets Authority (FMA). There are fees to obtain a licence, and annual levies for the services an entity is registered for on the FSPR.
 

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Licensing fees | FMA levies
Next Steps
 


Licensing fees
Financial advice provider licences can be for a single entity, or for a group of entities applying together. If a group of entities apply together, there is one lead applicant (the licence holder), and the other entities are called “authorised bodies”. On 21 October 2019, the Government passed the fees and levies by Order in Council.
 
  • Transitional licensing:
    • Application to vary licence conditions, $100 + $155 per hour (or part thereof).
  • Full licensing:
    • Single adviser business or gives advice on its own account, $612 (for 2 hours);
    • Financial advice provider that engages financial advisers, $767 (for 3 hours);
    • Financial advice provider that engages nominated representatives, $922 (for 4 hours);
    • plus Fee per authorised body in the application, $155;
    • plus Fee for every additional hour or part thereof over the base, $155;
    • Application to vary licence conditions, $100 + $155 per hour (or part thereof).
  • All values exclude GST.
These fees are based on an estimate of the time it will take to process an application. Complex cases will be charged $155/hour over the expected assessment hours. Two hours are expected for a financial advice provider with one financial adviser, three hours for one with multiple financial advisers, and four hours for a financial advice provider that engages nominated representatives.

Licences will usually be issued without an expiry date.


FMA levies
The costs of the FMA are covered by levies charged to financial market participants. These fees are collected when entities renew their registrations on the FSPR. The levies are listed on the MBIE website. MBIE announced increased FMA levies on 29 July 2020.
 
  • Levy at initial registration:
    • $480 per financial service provider;
  • Levy at annual confirmation:
    • Financial advice provider, $260;
    • plus Levy per nominated representative, $220;
    • plus Levy if the financial advice provider gives advice on its own account, $880;
    • these levies capped at $80,000 per financial advice provider;
    • Financial adviser, $300 (separate from the levy cap);
    • Authorised bodies, $660.
  • All values exclude GST, and exclude FSPR fees.
     
Levies are scheduled to increase from 1 July 2021, and again from 1 July 2022:
 
  • Levy at initial registration:
    • per financial service provider, $500 (from 1 July 2021), $600 (from 1 July 2022).
  • Levy at annual confirmation:
    • Financial advice provider, $280 (from 1 July 2021), $340 (from 1 July 2022); 
    • plus Levy per nominated representative, $240 (from 1 July 2021), $300 (from 1 July 2022); 
    • plus Levy if the financial advice provider gives advice on its own account, $980 (from 1 July 2021), $1,180 (from 1 July 2022); 
    • these levies capped at $80,000 per financial advice provider; 
    • Financial adviser, $340 (from 1 July 2021), $400 (from 1 July 2022), separate from the levy cap; 
    • Authorised bodies, $760 (from 1 July 2021), $880 (from 1 July 2022). 
  • All values exclude GST, and exclude FSPR fees.
 
 
 

Next steps
There is a summary of fees and levies, and levy classes for annual renewals, on the FSPR website. Read more about licensing fees and FMA levies and relief for sole-adviser firms on the MBIE website. 
FMCA
NR19-FSLAB
 
CODE OF CONDUCT
NR19-CodeofConduct-567
 
DISCLOSURE
NR19 - Disclosure-245
 
LICENSING
NR19-License-791
 
FEES & LEVIES
NR19-FeesLevies-890

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