FSP Registration confusion
05 Dec 2017
IBANZ Members completing their annual registration confirmation on the Financial Services Providers Registration (FSPR) website have found recent changes confusing; not helped by an error on the website.
The annual task of registering individuals and companies seems destined to be a challenge as the layout of the FSPR site undergoes regular changes. Following what you did last year is not an option.
This year one change made it more confusing when a heading on the online form for Custodians and Brokers had the Class references in the reverse order to what they should have been.
IBANZ has now managed to get this corrected.
There are two key areas for the majority of members when completing their annual confirmation:
Custodians (Class 6C in the Regulations) and Brokers (Class 6B in the Regulations)
This is for broker companies that hold client money. The relevant option is:
"Registered FSPs that are brokers (as defined in section 77A(1) of the Financial Advisers Act 2008) other than persons included in Class 6(a) or 6C" $1,800
All Other Financial Service Providers (Class 7 in the Regulations)
This is for individual advisers (brokers), there is just the one option to tick:
"Registered FSPs that are not included in any of classes 2 to 6D" $460