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Level five version two signed off

A new version of the New Zealand Certificate in Financial Services has been reviewed and signed off by the New Zealand Qualifications Authority.

Wednesday, January 23rd 2019, 6:00AM 1 Comment

A spokesman said the final documentation will be made available in the second week of February.

It is expected that the new certificate will streamline the process and roll what is currently the “financial advice” strand into the core and specialist modules.

That strand covers fiduciary responsibilities, legislation, regulation and professional codes that are relevant to advisers, and how advisers should apply the advice process to provide professional service.

But there have been some concerns that the change in qualification could cause headaches for the industry.

Former IFA chief executive Fred Dodds asked what would happen to someone who had completed the core and a specialist strand in the current certificate. “If they need the financial advice tick-off going forward, how do they do that?”

It was an aspect of the industry that kept changing, he said.

SiFA spokesman Murray Weatherston has also warned that it could be problematic.

“We are concerned about the impact of this change on any persons who have attained and been awarded NZ Certificate level five using an earlier version. This is the same issue that has arisen with the AFA code, when pre-2011 diplomas were no longer recognised as an alternative qualification.”

The qualification was due to be reviewed this year but the process was brought forward a year at the request of the regulator to tie in with other changes under way in the sector.

It is something the code working group has kept in mind as it developed the new code of conduct for advisers – the draft version currently requires the core and financial advice components, and a specialist strand in line with an adviser business.

Between January 1, 2014, and December 31, 2017, there were 114 graduates with level five across the three education organisations offering it.

Tags: Fred Dodds qualifications SiFA

« Is FSC taking adviser mantle?Mann on a mission to diversify financial advice »

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Comments from our readers

On 23 January 2019 at 11:52 am sheryn said:
As an adviser who has just completed NZCFS Level 5 for mortgages & insurance, I certainly hope there isn't a requirement to redo all the work I have completed. Hopefully common sense will prevail and if the Financial Planning component is all thats required, hopefully that can still be done independently.

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