About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, November 20th, 12:09PM
Latest Headlines

Study options 'discriminatory'

Long-standing advisers say they are being discriminated against by education providers who have prematurely opted out of offering the old level five certificate.

Friday, March 3rd 2017, 6:00AM 5 Comments

by Susan Edmunds

One, who did not want to be identified, has been in the industry almost 30 years.

He said he decided in 2010 to upskill, and did an Adviserlink course.

He received 38 level five credits, sets A, B and C towards the National Certificate in Financial Services (Financial Advice) level five.

Under the Financial Advisers Act, he qualified as an AFA for set D with his Massey diploma, gained in the 1990s.

He would like to finish the certificate off in full by doing the unit standards for set D.

But he cannot find a training organisation that offers the course to give him the remaining credits. 

Instead, some have encouraged him to the New Zealand Certificate in Financial Services' investment strand, and then a bridging programme.

The New Zealand certificate has replaced the National Certificate as the required standard for AFAs.

The adviser said he wanted the qualification to help with his professional development plan (PDP), under the new continuing professional development (CPD) requirements.

"I am being discriminated against."

David Greenslade, of training provider Strategi, agreed many providers had given up the National Certificate. The Professional IQ College no longer offers the required course.

Strategi stopped taking new enrollments last year. Anyone who does not complete the National Certificate by the end of next year has their credits wiped.

But while Strategi no longer offers classroom courses for the qualification, because of a lack of demand. But he said online options were still available for those who had already begun and needed to finish it off. 

“If [the adviser] has been in the industry for ages, has ABC and a Massey Diploma then [he] should be able to breeze through the online or distance learning SSD," he said.

“Most advisers are now doing the new level five but we have probably about 1000 students on our books that could obtain their old level five qualification by completing the missing old level five standard sets then doing our online or half-day Closing the Gaps workshop to meet their knowledge competency and skill obligations.”

He said it was important that advisers got a qualification, whether it was the old certificate or the new one. He said even those with a degree could benefit from the more practical certificate.

Code Committee chairman David Ireland said, as the regulation currently stood, the adviser was not compelled to undertake any certificate.

“His focus now shifts to his PDP, and identifying gaps in learning/areas for improvement against the learning objectives now required for new AFAs. It is quite likely that his Massey Diploma and subsequent CPD will cover off all the learning objectives relevant to his practice, so other than noting his rationale for not needing to include anything extra in his PDP, it could well be business as usual. Completing Set D or attaining the investment strand would give absolute certainty as to coverage, but there are other options for constructing a PDP to reflect the change in what is recognised.”

He said, if the adviser were concerned about the need for a level five certificate under the new legislation, he could submit on the consultation paper asking for certainty over the transition relief.


Tags: qualifications

« Harbour named top manager - againLVR restrictions to be reviewed »

Special Offers

Comments from our readers

On 3 March 2017 at 7:22 am Murray Weatherston said:
I disclose that I know this adviser.
Two points from this story.
First as I understand Strategi Institutes's public marketing, because this adviser was not enrolled with SI prior to December 2016, he would not be able to enrol for on-line learning for his two missing unit standards.
Second the story says "Anyone who does not complete the National Certificate by the end of next year has their credits wiped" How can that be - the unit standards that make up Sets A B and C are awarded by NZQA and as far as I know sit on an awardee's NZQA record forever.
On 3 March 2017 at 7:53 am w k said:
interesting observation mw. i sense there're some $$$ up for grabs in education.
On 3 March 2017 at 9:44 am Murray Weatherston said:
Sure is w k. If only 5000 advisers need to spend only $1000 each, that's only $5 million of revenue for our education sector.....
On 3 March 2017 at 9:58 am w k said:
i think target is more like 10k advisers @$5k each = $50m. the $5m or more is the net profit after tax into the pocket for the educator/s.
On 3 March 2017 at 2:42 pm Tash said:
I'm sure this is infuriating and inconvenient but it's not discrimination. Fuzzy comments and thinking does not help improve the collective quality our advice or the legitimate expectations of clients and regulators.

Sign In to add your comment



Printable version  


Email to a friend
News Bites
Latest Comments
  • When is a client really a client?
    “And this subtle upgrade to the understanding of a complaint. Which changes the ISO definition from an expression of dissatisfaction...”
    2 days ago by JPHale
  • When is a client really a client?
    “Just released additional standards from the FMA. Record keeping potentially until 7 years after the death of the life...”
    2 days ago by JPHale
  • When is a client really a client?
    “@ReganT interesting that the two life advisers involved with the code working group discussion are the ones being argued...”
    2 days ago by JPHale
  • When is a client really a client?
    “In a previous reply I responded to the concept of payment as a trigger. I actually agree it’s not. While we don’t often...”
    3 days ago by regant
  • When is a client really a client?
    “Tash are you being deliberately obtuse? I didnt say you have to keep sending/giving disclosure every year, I said you have...”
    3 days ago by regant
Subscribe Now

Weekly Wrap

Previous News


Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 15 November 2019 4:16pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%


About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
Site by Web Developer and eyelovedesign.com