Registration for new entities on the New Zealand Financial Services Provider Register (FSPR) has become an incredibly stringent process. There has been an increase in the number of questions asked of applicants, as well as a shift in the type of information being sought prior to registration on the FSPR is approved.
An integral part of the FSPR application is that the entity or individual seeking registration must be able to show that they intend to provide financial services in New Zealand. This does not just mean having a physical office located in New Zealand, but includes the requirement that the individuals who hold Senior Management positions in the business be domiciled in New Zealand. In order to establish this, the FSPR may request copies of the following for each staff member involved in the business:
- A certified copy of a VISA allowing the individual to live and work in New Zealand (where the individual is not a New Zealand citizen)
- Proof of residence.
These requests are becoming more frequent and highlight the attempt by the FSPR to crack down on entities intending to provide financial services using the guise of New Zealand regulation.