Advisers urged to continue education
Advisers are being urged to upgrade their educational training and qualifications this year so they will meet competency standards when they are introduced in 2010.
Friday, March 13th 2009, 7:30AM
Securities Commission’s Angus Dale-Jones told last week’s PAA conference that it was important advisers kept up their training and prepared for the introduction of regulation.
No decisions have yet been made on how adviser competency will be measured, or where the level will be set.
That is something the yet-to-be appointed Code Committee will decide.
The options for measuring competency range from having all advisers sit some sort of exam, through to advisers submitting their qualifications and a record of their experience to the commission and the regulator making individual assessments.
Again this is an issue for the Code Committee.
Currently there is speculation that the competency level will be set at level five on the nationally-recognised qualifications framework.
It is a 10 level ladder with PHD and Masters being the top two and level 5 being a certificate.
Angus-Jones says this is an international recognised framework and level five is one where people have to show and demonstrate some judgement.
Angus-Jones says no one is sure how big the industry is, but he expects there will be around 5,000 advisers registered at the Category One level – these are advisers such as financial planners.
Another 10,000 advisers are expected to sit at Category Two – these are advisers who operate in the risk area, mortgage brokers and it is expected many of the bank staff will be in this group.
| « News round-up | Sovereign takes regulation bull by the horns » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
