Financial institution licensing fees under the new conduct regime
This page provides information about the licensing fees that will apply in the new conduct regime.
In September 2019, Cabinet agreed that banks, insurers and non-bank deposit takers (together, financial institutions) will be required to be licensed under Part 6 of the Financial Markets Conduct Act 2013 in respect of their conduct in relation to retail customers. The licensing regime will be monitored and enforced by the Financial Markets Authority.
In June 2023, the Financial Markets Conduct (Fees) Amendment Regulations 2023 were made. These regulations amend the Financial Markets Conduct (Fees) Regulations 2014 to prescribe a fee for an application by a financial institution for a market services licence under the new regime.
Financial Markets Conduct (Fees) Amendment Regulations 2023(external link) — New Zealand Legislation
The licensing fees set out in the regulations are as follows:
Financial institution licensing fee (all costs inclusive of GST)
- Basic licensing fee for all applicants (based on an estimated time to assess a standard application of 5.75 hours): $1,024.93
- Hourly rate charges that may apply for applications where the FMA’s staff time to assess exceeds 6.75 hours: $178.25/hour, or part-hour pro rata, of work carried out
- Fee for each authorised body included in the licence (based on an estimated time to assess a standard application of 3.45 hours): $614.95
- Other variations to licence conditions: $115 plus $178.25/hour, or part-hour pro rata, of work carried out
Consultation on the proposed licensing fees took place in October 2022. More details on this consultation, including all the relevant documents, are available at: