About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, July 23rd, 1:47PM
rss
Latest Headlines

AFA qualification bar stays at level 5

A review of the qualification framework for financial advisers has recommended no change to the minimum standard for authorised financial advisers (AFAs) – for now.

Monday, November 12th 2012, 6:49AM

by Niko Kloeten

As part of its mandate as the body in charge of the industry’s qualifications, The Skills Organisation (formerly ETITO) recently conducted a survey of financial industry participants including financial advisers.

One of the aspects being reviewed was whether to lift the minimum qualification for AFAs, the National Certificate in Financial Services Level 5, which was developed by The Skills Organisation.

The results of the review haven’t been publicly released but according to Jenny Campbell, professional development manager at the Professional Advisers Association (PAA), the decision has been made to keep the minimum at level 5.

Campbell, who was one of a number of industry professionals consulted for the review, welcomed the standard being kept at level 5 for now.

Both she and Insurance Brokers Association of New Zealand (IBANZ) chief executive Gary Young had campaigned against lifting it to level 6, she told the PAA’s ‘Big Day Out’ in Auckland on Friday.

“The bureaucrats and academics wanted to raise level 5 to level 6 but Gary Young and I were both on the committee and we argued very strongly that didn’t need to happen,” she said.

“Level 5 is completely appropriate for most advisers; the good news is that they listened to us.  There is a review underway on making it more relevant and revising the content but for not it’s staying at level 5.”

Campbell told Good Returns the insurance section of the qualification needed some work and the priority was to improve that first.

The Skills Organisation couldn’t be reached to confirm the result of the review.

Niko Kloeten can be contacted at niko@goodreturns.co.nz

« [Weekly Wrap] Ross failure leaves questionsFund managers call for level playing field »

Special Offers

Comments from our readers

No comments yet

Add your comment:
Your name:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Good Returns go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Advisers encouraged to take ethics courses
    “if this is compulsory, somebody is going to make a load of money. that's about as far as it will get. a leopard don't change...”
    6 hours ago by w k
  • Advisers encouraged to take ethics courses
    “The term "business ethics" baffles me. There should be no distinction between the ethical conduct of ones private life and...”
    8 hours ago by traveller
  • Support for guarantee proposal
    “Brent - yes, agree if investors need cash they should be in cash. Some form of guarantee could however be useful for investors...”
    17 hours ago by John Berry
  • Support for guarantee proposal
    “If the KiwiSaver issuers and advisers, advising on KiwiSaver were to simply state the expected maximum capital loss per annum...”
    17 hours ago by Realist
  • HSBC dumps sales targets
    “Yeah, right. And pigs can fly. ...”
    1 day ago by Dee1
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 6.99 5.99 6.29 6.60
AMP Home Loans $200k+ 6.89 5.89 6.19 6.50
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.49 6.05 6.49 6.65
ANZ LVR > 90 6.49 6.55 6.99 7.15
ANZ Special - - 6.09 -
ASB Bank 6.50 6.09 6.40 6.65
ASB Bank Special - 5.95 - -
BankDirect 6.50 6.09 6.99 6.65
BankDirect Special - 5.95 - -
BNZ - Classic - - - 6.25
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.49 5.99 6.39 6.59
BNZ - Mortgage One 6.90 - - -
BNZ - Rapid Repay 6.49 - - -
BNZ - Std, FlyBuys 6.49 5.99 6.39 6.59
BNZ - TotalMoney 6.49 - - -
Credit Union Auckland ▲6.70 - - -
Credit Union Baywide 6.10 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
Lender Flt 1yr 2yr 3yr
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 6.20 6.25
HBS Special - - - 5.95
Heartland 6.45 6.75 7.00 7.60
Heretaunga Building Society 6.25 5.85 6.50 -
Housing NZ Corp ▲6.50 ▲6.00 6.30 ▲6.60
HSBC Premier 6.59 5.95 5.99 6.25
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.85 5.85 5.85
Kiwibank 6.40 5.99 6.29 6.29
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.30 - - -
Kiwibank LVR > 80% - - 5.85 6.29
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.75 5.95 6.60 -
NZ Home Loans 6.35 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
RESIMAC - lo doc 7.34 7.06 7.38 7.82
RESIMAC LVR < 80% 6.34 6.06 6.38 6.82
RESIMAC LVR < 85% 7.34 7.06 7.38 7.82
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 90% 8.34 8.06 8.38 8.82
SBS Bank 6.15 5.85 6.20 6.25
SBS Bank Special - - - 5.95
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.60 6.09 6.40 6.65
Sovereign Special - 5.95 - -
The Co-operative Bank 6.45 6.00 6.00 6.25
TSB Bank 6.49 6.00 6.19 6.60
TSB Special - - 5.80 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.24 6.09 6.39 6.65
Lender Flt 1yr 2yr 3yr
Westpac - Capped rates - 6.49 6.99 -
Westpac - Offset 6.24 - - -
Westpac Special - 5.95 - -
Median 6.45 6.00 6.39 6.60

Last updated: 18 July 2014 9:08am

News Quiz

Of the following people who is not involved in Craigs Investment Partners new stand alone funds management company?

Simon Botherway

Stefan Stevanovic

James Ring

Andrew South

Roy Cross

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com