About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, September 18th, 9:07PM
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

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Bank advice concerns questioned
    “Just out of interest Mike - where would you suggest they go and work? Presumably just not in QFEs? In any capacity? It's...”
    14 hours ago by interested observer
  • Bank advice concerns questioned
    “Hi Mike, I think you are sharply understating the risks here of FMA directors and staff ultimately working for the banks...”
    15 hours ago by Brent Sheather
  • Action needed on DIMS
    “Perhaps rather than reminding AFAs to get their house in order, the FMA would be better off spending that time finalising...”
    20 hours ago by MPT Heretic
  • Bank advice concerns questioned
    “R1 - this is why US regulators impose time restriction on staff leaving & working for firms they have regulated. This could...”
    1 day ago by Mike Naylor
  • Stewart's NZIG gets boost
    “I just heard Ralph present at a meet the managers roadshow, and found the rationale for the NZIG service to be very compelling I'd...”
    2 days ago by Pragmatic
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 7.24 5.99 6.39 6.65
AMP Home Loans $200k+ 7.14 5.89 6.29 6.55
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.74 6.15 6.49 6.49
ANZ LVR > 90 6.74 6.65 6.99 6.99
ANZ Special - 5.75 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 6.19
BNZ - Classic - - 5.99 6.19
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.74 5.99 6.39 6.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.99 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 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 5.99 6.19
HBS Special - - - 5.89
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 ▲6.39 ▼6.59
HSBC Premier 6.84 5.95 5.95 ▼6.39
HSBC Premier LVR > 80% - 5.75 5.75 5.75
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Lender Flt 1yr 2yr 3yr
Kiwibank 6.65 5.99 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac ▲6.59 ▲6.35 6.58 6.77
SBS Bank 6.15 5.85 5.99 6.19
Lender Flt 1yr 2yr 3yr
SBS Bank Special - - - 5.89
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - - 6.19
The Co-operative Bank 6.70 6.00 6.00 6.25
TSB Bank 6.74 ▼5.95 6.19 ▼6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - - 5.99 6.19
Median 6.70 6.00 6.39 6.57

Last updated: 17 September 2014 7:43am

News Quiz

BNP Paribas Securities Services’ latest Asset Administration and Custody Review found worries about government regulation is causing how many to lose sleep?

50%

90%

33%

10%

67%

MORE QUIZZES »

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