Advisers leaving Standard Set C too late

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With just 31 days till the authorised financial adviser (AFA) application deadline, a mere 165 advisers have completed the Standard Set C assessment which has the Securities Commission concerned.

Tuesday, March 1st 2011, 9:00AM 2 Comments

by Jenha White

Securities Commission director supervision Angus Dale-Jones says taking into account the many variables with who is required to sit Standard Set C , there is currently a gap of about 500 to 1,000 advisers who need to book the assessment.

He says if advisers are struggling to get the material together they should speak to ETITO and get help.

"We think people might be leaving it to the last minute because it's a difficult job getting all the evidence together, so we're really encouraging people to speak to ETITO, because it has trained assessors whose job it is to help advisers across the line - their not there to catch advisers out."

ETITO manager of corporate relations and strategy Michael Frampton says advisers who have not booked the Standard Set C assessment need to make it a real priority.

Angus Dale-Jones says looking at the number of people who have booked Standard Set B exams, expectations are that around 3,000 advisers will apply for authorisation, which is lower than initial estimates of around 5,000 authorised financial advisers (AFAs).

To get AFA status, category one advisers have to pass the Standard Set C assessment unless they have a qualification exemption such as a certified financial planner (CFP), or if they are working under a Qualifying Financial Entity (QFE).

Currently 867 advisers have booked the Standard Set C assessment through ETITO, with a further 660 assessments booked in with delegated assessment organisations (DAOs), which means overall 1,494 advisers are booked to complete the assessment.

Dale-Jones says there is also an additional 800 advisers who are expected to be exempt from sitting the  Standard Set C assessment because of qualification exemptions, leaving  around 500 to 1,000 advisers outstanding to book the exam.

Dale-Jones also acknowledges that many advisers have been affected  by last week's 6.3 magnitude earthquake in Christchurch.

He says since everyone's individual situation is different, the Securities Commission will be dealing with advisers on a case by case basis.

The Securities Commission says advisers should register and apply for authorisation by 31 March, however if they are having difficulty completing any of the licensing requirements supporting the application including competency assessments, to attach a letter to their online application explaining the difficulty.

“We will deal with each case sympathetically to ensure you have sufficient time to comply with your licence obligations.”

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

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