Newpark paying for members to do Level 5 papers

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Dealer group Newpark is encouraging its members to complete the Level Five insurance papers and it will pay for the training.

Friday, September 22nd 2017, 9:00AM 7 Comments

Managing director Darren Gannon says it’s not compulsory that members are qualified up to Level Five, but there will be increased educational requirements under the proposed changes to the Financial Advisers Act.

“It’s just a standard we want to set for our members,” Gannon says.

He expects that around 150 of the group’s members will take up this offer to complete the core health and life insurance papers required for Level Five.

Currently Newpark has around 400 members and about 80 of these would have already completed the Level Five qualification.

Gannon expects it will cost the group around $250,000 to do the training. All of it will take place within Newpark’s offices. The group will use some of its own staff for training as well as people from Strategi and IDS.

Gannon says it is the role of dealer groups to provide this sort of service to their members.

“It’s our job as a dealer prop to pay for it,” he says.

Gannon expects the advisers who embark on these Level Five papers will all be completed by February.

He says it’s not compulsory for members to upskill, but it’s something all advisers will be doing. "If they don’t put their hands up and do this then we have an issue,” he says.

Tags: Darren Gannon Financial Advisers Financial Advisers Act health insurance IDS Life insurance Newpark qualifications Strategi

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