NZ FSP, which stands for New Zealand Financial Service Provider, is an autonomous body, regulated by the New Zealand government. It is the body that is formed to manage corporate regulations including regulating and enforcing financial and company services law to benefit the customers and in the world of binary brokers to benefit the traders.
NZ FSP License Requirements for Binary Brokers
- Registered company in New Zealand with offices and staff physically located there
- Full background, criminal history and AML check on all directors, shareholders and ultimate beneficial owners
- Financial accounts to be fully audited each year by an external appointed auditor
- Compliance with all AML/KYC laws
- Membership with an external Dispute Resolution Scheme
- Annual confirmation to be filed each year with the FSPR
Why choose a NZ FSP broker?
- Client monies segregated from company operating funds
- Bank with a AA-rated Australian bank (not Cyprus/other EU) – so security of funds
- Part of the “Commonwealth of Nations” – so relevant for traders in Australia, Canada, UK, Singapore, South Africa, Malaysia
- Member of external Dispute resolution scheme, so if a trader has any issues and not satisfied with a brokers resolution, they can escalate to the scheme