Fees and Levies

FEES AND LEVIES

By 15 March 2021, financial advice providers must be registered on the Financial Services Provider Register (FSPR) and licensed by the Financial Markets Authority (FMA). There will be fees to obtain a licence, and levies for the services an entity is registered for on the FSPR.

The fees and levies were passed by Order in Council on 21 October 2019. On 2 June 2020, MBIE released increased levies for financial service providers, but levies for financial advice providers, financial advisers, etc, were excluded from the update.

 

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Licensing fees | FMA levies
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Licensing fees

• Transitional licensing:
  • Financial advice provider application fee, $405;
  • plus Fee per authorised body in the application, $38.75;
  • 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.

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 2 June 2020, but new levies for financial advice providers, financial advisers, etc, were not included. The levies listed below, released on 21 October 2019, are likely to increase, but the new levies are unknown presently. 
 

• Levy at initial registration:
  • $480 per financial service provider (released 2 June 2020);
• Levy at annual confirmation:
  • Financial advice provider, $225;
  • plus Levy per nominated representative, $179;
  • plus Levy if the financial advice provider gives advice on its own account, $737;
  • these levies capped at $80,000 per financial advice provider;
  • Financial adviser, $265 (separate from the levy cap);
  • Authorised bodies, $460.
• All values exclude GST, and exclude FSPR fees.

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