The qualification is likely to become the benchmark for entry into the financial advice sector once the new legislative regime takes hold.
It was reviewed last year by The Skills Organisation - its first review since 2013 - and the updated version of the certificate is awaiting approval from NZQA.
Open Polytechnic, one of the providers of the qualification, is embarking on a review of its courses, seeking "online creators and reviewers" with knowledge of the financial advice sector, to help develop courses on the financial services industry; the regulatory framework for financial advisers; risk management and life and health insurance; and investment concepts, products and regulations.
It is expected that the development of the new courses will star in February or March and will take three to four months.
A spokeswoman said the organisation had offered the level five qualification since 2010.
“We first began with the National Certificate in Financial Services (Financial Advice) (Level 5) in 2010; and then when the level 5 qualification was changed through the NZQA process, we moved to begin offering the New Zealand Certificate in Financial Services (Level 5) in 2016.”
She said the Open Polytechnic would start offering the updated version later this year.
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