Licensing fees

In October 2019 regulations were made that set the licensing fees that will apply in the new financial advice regime.

The Financial Markets Conduct (Fees) Amendment Regulations (No 2) 2019 give effect to Cabinet’s decisions on 17 June 2019.

You can view the fees in the below tables.

Transitional licensing fees

Application fees Fee (ex GST) Fee (incl GST)
Financial advice provider application fee $405.00 $465.75
Additional fee for any authorised body named in an application $38.75 $44.56

Full licensing fees

Application fees Fee (ex GST) Fee (incl GST) Threshold for charging the hourly rate
Tier 1 – sole adviser businesses or financial advice providers that only give advice on their own account $612.00 $703.80 2 hours
Tier 2 – financial advice providers that engage multiple financial advisers but no nominated representatives $767.00 $882.05 3 hours
Tier 3 – financial advice providers that engage one or more nominated representatives $922.00 $1,060.30 4 hours
Additional fee for any authorised body named in an application $155.00 $178.25 N/A

FMA levy

The levies for the new financial advice regime have now been set, and were approved by Cabinet on 27 July 2020. These levies will come into effect on 15 March 2021, alongside the commencement of the financial advice regime. A summary of the levies that will apply to the financial advice industry is provided in the table below. The levy amounts below are exclusive of GST.

  2020/21
(15 March - 30 June)
2021/22 2022/23 and outyears
Authorised bodies $660 $760 $880
Financial adviser $300 $340 $400
Financial advice provider, plus additional levies payable where: $260 $280 $340
  • each nominated representative and
$220 $240 $300
  • if giving advice on own account
$880 $980 $1,180

Read more about the funding of the FMA and the confirmation of new levies

Relief for sole-adviser firms

Financial service providers will generally be required to pay a levy of $480 (excluding GST) when initially registering on the Financial Service Providers Register (FSPR). The Financial Markets Authority (Levies) Amendment Regulations include relief from this levy for businesses that have been relying on the sole-adviser exemption but are now required to register in the new regime.

This relief will apply for those registering their business from 25 November 2019 to 14 June 2021.

Last updated: 29 July 2020