TNP questions who can offer structured credits

"The advice we've received is that a structured credit should be basically related to NZQA content, so unless you can demonstrate that link, then really it's very dubious claiming a structured point," he said.

Referring to the credits awarded at professional body conferences and roadshows McMillan said, "It's not so much the quality, it's whether the content is aligned with NZQA standards."

"I think ultimately it's going to be for the associations to defend how they deem those to be structured. And likewise, if members are claiming them as structured points, there's a vulnerability from that angle as well."

McMillan said TNP was working with former ETITO commercial services consultant Leonie Wallwork to devise educational courses that would be aligned to NZQA content.

"My pragmatic view is that probably nobody's going to scrutinise those in the next 12 months, but in the long term we think we'd far rather have structured credits on a very firm foundation."

McMillan said professional associations may have received advice that their approach to offering credits is fine, "but the advice we've been given is that to simply follow a similar process would be a vulnerability and that's not what we want to happen to our members. We'd like a bit more of a robust process around that."

He said TNP hoped to have an NZQA-approved education project completed by the end of the year and be able to offer members courses clearly designated as structured and unstructured.

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

Comments from our readers

On 25 August 2011 at 8:01 am Independent Observer said:

Yawn

On 25 August 2011 at 8:21 am Helen said:

What a great idea!! This has been a big discussion in our ofice over the last few weeks. It has been no problem over the last 12 months getting structured credits with getting to AFA level but now we are there it is a problem.
As members of the IFA we need to get 15 structured credits a year fron now on so this will be a great help TNP!!

On 25 August 2011 at 5:36 pm Murray Weatherston said:

OMG. Does this mean the internal squabbling between different industry bodies and dealer groups is going to be defined by whose structured credits land higher up the wall than everyone else's?

Interesting to see that Leonie has transmogrified from educator to ETITO regulator to structured credit consultant. What makes her the expert Dave?

The advice TNP says it has received seems a bit at odds with the Code which states "To be structured training, the training must form part of the requirements for a qualification on either the National Qualifications Framework or the national register of quality assured qualifications, or be part of a structured continuing professional development programme managed by a DAO, QFE, or professional body.

Surely the FMA should issue a practice note to make the situation crystal clear for everyone.

On 25 August 2011 at 9:08 pm w k said:

murray, fma can't issue a practice to make the situation crystal clear mate. if does become crystal clear at all, some people will lose their jobs. and for that reason, the regulation was never meant to be crystal clear from day one. tell me there is not more than one interpretation in the whole act or required practice. tell me i was wrong.

TNP questions who can offer structured credits

Professional adviser body claims to be able to offer structured credits are “dubious” and may not stand up to scrutiny, according to TNP director of development Dr Dave McMillan.

Thursday, August 25th 2011, 6:45AM 4 Comments

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