Higher minimum standards possible for advisers
The committee made the statement in its discussion document on competence, knowledge and skills for AFAs, released today, and said it might look at changing the alternatives to attaining the National Certificate in Financial Services level 5.
"It is likely that the minimum standards of competence, knowledge and skills may be raised or broadened in the future," the document said.
The committee said it recognises many advisers have been in the industry for a long time and that they may be able to demonstrate their competence without purchasing training.
"Whether a financial adviser requires training to meet the requirements of a proposed unit standard would depend on his or her level of experience, prior learning, and competence," the document said.
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