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ETITO looking to set more dates for exams

Advisers have been concerned that there are not enough exam and assessment dates available with ETITO in order to be prepared for authorisation, however ETITO says its system is dynamic.

Wednesday, October 6th 2010, 7:34AM 3 Comments

by Jenha White

Last month ETITO said 29 October is the date by which advisers must be registered with ETITO, with examination and assessment reservations made for Standard Sets B and C if advisers are to be authorised by July 1.

One Good Returns reader responded saying the article prompted him to get organised, but then he couldn't find suitable dates in a location nearby.

He looked at the dates available and saw the only date available for the Standard Set B examination on the ETITO Booking System in Palmerston North was on November 3 and the only New Plymouth date he could find was October 29.

"To have the only assessment date just six days after their deadline in Palmerston North seems insane and so I will remain, for now, in the clear majority - those who have not booked," he said.

However Frampton says ETITO's exam system is dynamic and it is able to add capacity at short notice.

"We acknowledge that the capacity loaded in the system for provincial centres may be perceived as insufficient, however we're addressing that issue and advisers who want to book an exam on a date that suits them should contact the help desk."

He says ETITO is carefully monitoring demand for exams and it will adjust the available capacity in the system as necessary.

ETITO manager assessment network Leonie Wallwork also addressed this issue at the Institute of Financial Advisers (IFA) Code Cracker Roadshow asking advisers to get in touch with ETITO as it tries to monitor demand.

Wallwork says she is in daily contact with service providers to see how demand picks up and those that registered for the IFA roadshow were asked to fill out a form with a preferred month and location for study, so ETITO could gauge demand.

At the moment when advisers go to book exams, brackets show the seats available for each session and once they are full the next session time automatically opens up for booking. This is because ETITO does not want to have just one or two people in each session.

Wallwork says if there's a big group in an area and no exam there, to let ETITO know so it can organise something.

Two weeks ago only 178 advisers had made an assessment reservation for a Standard Set B examination and even fewer - just 40 - had registered for assessment against the requirements of Standard Set C.


Jenha is a TPL staff reporter.

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Comments from our readers

On 7 October 2010 at 11:44 am John said:
Looking at the clear lack of interest by mortgage and insurance advisers to date in the uptake of Standard set B and C courses I think most in the industry have now wisely decided to become registered as opposed to being authorised. At the end of the day our clients will never see any advantage in us being authorised so why put one’s self through the hassle and cost? Get on with the job instead of looking after your clients and don’t worry about feeding another bureaucracy.
On 8 October 2010 at 2:30 pm Craig said:
As a client, I would like to know that my mortgage and insurance broker has my best interests at heart and I am personally a little perturbed by the fact that most in the industry have decided to become registered as opposed to becoming authorised. If a mortgage or insurance broker decides to become authorised (as we all know it is voluntary at this stage), they are taking the effort to ensure that their knowledge, skills and competency is at the required level - even though it is not required by legislation at this stage. For those not willing to become authorised: Are you afraid of having your knowledge assessed at a national standard? If so I, as a client, have quite a bit to worry about.
On 10 October 2010 at 12:34 pm John said:
Hi Craig. No, mortgage and insurance brokers who aren't opting to become authorised are not afraid of having their knowledge assessed at a national standard. We simply see no benefit to paying ETITO thousands of dollars in fees for training courses to re-learn what we already know! Not to mention the ongoing compliance costs to our businesses that becoming authorised will impose.

If I genuinely thought for one minute that becoming authorised would actually benefit my clients in respect to the advice and service that I can offer them as a mortgage broker I would gladly become authorised. Nothing though in standard set B & C will suddenly make me a better mortgage broker.

The average kiwi has enough trouble knowing what a mortgage broker does let alone what the difference is between them being authorised vs. registered. I can guarantee for the mortgage brokers that opt to become authorised it won’t suddenly make them busier as speaking for my own business the vast majority of the clients I see for mortgages are referred to me by their friends or family members whom I have previously assisted. As it has always been this industry it is all about “trust” not the certificate you have hanging on the wall behind your desk. If you are an honest and ethical operator then you will always have clients use your services and recommend you to others for a mortgage.

If the banks themselves had seen merit in having mortgage brokers authorised they would haven’t have lobbied the Government against making authorisation compulsory. Instead the banks themselves wisely choose to deal with the individual brokers whom they trust and want to have ongoing relationships with.
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AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 3.35 3.19 3.85
ASB Bank Special - 2.85 2.69 3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 ▼2.69 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.39 ▼3.29 ▼3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
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Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 ▼3.29 ▼3.39 ▼3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 2.65 2.79 3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
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SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
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The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 3.59 ▼3.59 4.19
TSB Special 4.54 2.79 ▼2.79 3.39
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Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
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Median 4.55 3.32 3.39 3.69

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