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ETITO registration and booking system launched

Financial advisory training body ETITO has launched its registration and booking system which means financial advisers can start booking competence assessments for the National Certificate in Financial Services.

Tuesday, April 20th 2010, 8:08PM

by Jenha White

Advisers wanting to become authorised financial advisers (AFA's) under the Financial Advisers Act 2008 have until December either to graduate with a National Certificate in Financial Services (Financial Advice) (level 5) (NCFS-5) or achieve the equivalent educational outcome.

ETITO says the system allows financial advisers to make examination and workplace assessment bookings, upload evidence for competency assessment and check examination and assessment results. It also allows organisations to bulk register and purchase assessments.

Financial advisers and organisations can register with ETITO and book examinations and workplace assessments throughout the country for Standard Sets A, C, D and E between  01 June 2010 and 31 July 2010.

ETITO will be accepting reservations for Standard Set B assessment in the coming months.

ETITO manager of strategy and corporate relations Michael Frampton says advisers need to be taking action now to ensure that their competence can be assessed in the time available before the regime is fully implemented.

"Advisers who delay their entry into the assessment system may not have time to address any gaps that they may have in their competence and secure a re-sit opportunity in the time available."

He says the ETITO self-evaluation tool launched in January to identify knowledge and skills gaps has been used by over 850 financial advisers.

"Just over 50% are ready to prepare for assessment now. The remainder are in need of some training intervention, a review of their adviser business practice, or both."

He says although the Code for Professional Conduct is not yet finalised, there is a considerable amount of work that advisers and industry organisations can be undertaking now.

Frampton recommends that financial advisers use the self-evaluation tool, review the competence standards required for authorisation, reflect on their own advice-giving process to consider the extent to which they can produce the evidence required for workplace assessment, and talk to a training provider if training is required.

 

Jenha is a TPL staff reporter. jenha@tarawera.co.nz

Tags: regulation

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