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Level 5 certificate draft up for feedback in new year

Ringa Hora, the workforce development council for the services industry, wants to hear from financial advisers.

Tuesday, November 28th 2023, 6:29AM 6 Comments

by Andrea Malcolm

Proposed changes to the NZCFS Level 5, currently under review, will be published on the Ringa Hora website early next year and feedback sought.

Kari Scrimshaw, chief executive of Ringa Hora, the workforce development council responsible for setting and monitoring financial services qualifications, says engagement from independent advisers will be welcome and a chance to fine tune the draft.

“The process is better when we’re informed by industry so the more engagement we can get along the way, the better.”

Advisers can ask questions and be notified when the draft qualifications are ready for review by emailing qualifications@ringahora.nz or filling out a subscription form.

Once the draft is finalised Ringa Hora will submit an application for approval and listing on the New Zealand Qualifications and Credentials Framework (NZQCF) to the NZQA’s quality assurance division.

She says the NZQA will review whether Ringa Hora has engaged with industry, received feedback on the relevance of the qualification, and provided all necessary evidence for the qualification to go into framework for another five years.

She says because there is a code for the financial advice sector, Ringa Hora is also working closely with the FMA to ensure it is consistent with the code.

The process

All qualifications on the NZQCF are periodically reviewed, typically every five years, to ensure they remain fit for purpose and meet the needs of learners, industry, and stakeholders.

The NZCFS Level 5 was last reviewed in January 2019 by the former qualification developer, the Skills Organisation which was an industry training organisation (ITO).

The review process follows NZQA guidelines. Ringa Hora says it has connected with the financial service industry through its industry engagement leads and meetings throughout the year.

In Aug, Scrimshaw took part in a master class on building professionalism in financial services at the Financial Services Council conference and noted that the review was coming.

Ringa Hora put out a call to industry members to participate in the review via an expression of interest on its website in Aug. There were responses from 16 industry members, seven education providers and five regulatory bodies.

After a meeting in Sept an industry body was formed to review the qualification and a wider consultation group, which receives meeting notes and draft copies of the review for comment, was also set up.

Ringa Hora says feedback received from advisers included a need for more evidence of ethics and interpersonal skills, such as checking for client understanding, and cultural considerations. 

Conflict of interest?

Scrimshaw says it is standard practice for working groups to include users of the product including education providers. She says this is because reviews can be highly technical requiring an understanding of and defining learning outcomes.

Training providers are aware of what learners might be struggling with and they’re also able to connect with employers to find out whether a training programme is delivering what the industry needs, she says.

“So, the providers are seen as a source of information on those working groups, but they're not the only source of information and we have no restrictions in terms of people wanting to put their hand up for that working group.”

Working group members aren’t paid a fee and pay for airfares and accommodation where participation is face-to-face.  Scrimshaw says there is a time commitment that wouldn’t suit everybody.

“When we've got some things to test or early products etc, we can go out to that broader consultation group and they can provide some guidance for the working group.”

WDCs - a brief history and uncertain future

In 2020 the former government, under the education minister Chris Hipkins, began reforming the vocational education sector including bringing the county’s 16 polytechnics under one super polytech Te Pūkenga.

At the time industry qualifications were set and monitored by the ITOS, which also delivered training.

Under the reform, the ITOs’ training provision was transferred to the workplace training arm of Te Pūkenga. Meanwhile, responsibility for setting and monitoring qualifications was given to six new workforce development councils (WDCs).

Unlike the ITOs, the WDCs have the power to advise the Tertiary Education Commission (TEC) on resourcing for vocational services. Ringa Hora says it sees financial advice and the NZFSC as a high priority for investment and will be putting this to the TEC.

Meanwhile, the new government could impact the process. Prior to the election both National and Act promised to scrap the workforce development councils and return the job of liaising with and developing qualifications to ITOs.

Scrimshaw says while she is unable to comment on any potential government policy, if it continues to require a nationally recognised and consistent level of achievement, some sort of standard setting function will still be required.

“Having an independent entity that's there on behalf of industry and learners would continue to benefit industry. So we will continue to watch the review of this particular qualification. If it's going to stay on a framework, a nationally recognised framework, then the review would still need to occur unless there are changes in legislation.”

Working group   Consultation group  
Angi Mann Professional IQ David Rigg Westpac
Tim Larkin Professional IQ Colleen La Touche                 Kaplan Professional in partnership with Massey Business School
Jillian Stewart Professional IQ Rachelle HardieNell                       Financial Services Council
Leanna Burnett Open Poly Raj Naidu AIL New Zealand
Sarah Hassall Open Poly Susan Grant Share NZ
David Greenslade                   Strategi Angus Dale-Jones Financial Code Committee
Mark Branicevich Partners Life Craig Mulholland Apex Advice
Helia Whitaker ANZ    
Jeffrey Stangl Massey University                  
Cedric Suifua Willis Tower Watson                       

 

Tags: Ringa Hora

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Comments from our readers

On 28 November 2023 at 9:29 am w k said:
"hear from financial advisers"? sounds familiar. that's just going through the motion, right?

perhaps, it's all been decided, signed and sealed.
On 28 November 2023 at 9:40 am Aggressively_passive said:
the workforce development council ... wants to hear from financial advisers.

LOL.

Is that why the group is stacked with everyone who gets paid for Adviser education, and nobody that pays?

Oh look.
More "consultation".
I simply cannot wait to not submit something for them to ignore.

On 28 November 2023 at 1:00 pm Amused said:
"Meanwhile, the new government could impact the process. Prior to the election both National and Act promised to scrap the workforce development councils and return the job of liaising with and developing qualifications to ITOs."

"Scrimshaw says while she is unable to comment on any potential government policy, if it continues to require a nationally recognised and consistent level of achievement, some sort of standard setting function will still be required."

Ringa Hora can think what they like but we have a new Government in office now and there is clearly going to be reset in the way the country was formerly being run from the Beehive. Ideology will be replaced by common sense. As I have said previously organisations like workforce development councils will be unlikely to receive anymore money from the NZ taxpayer.

Advisers will also note with delight that we have new Ministry of Regulation being formed with David Seymour as its Minister in charge. This is the best news that advisers have had in a long time for our respective businesses. David Seymour has already highlighted financial services as an industry where too much regulation has disadvantaged the NZ consumer. Too much time is currently being spent by advisers on box ticking for regulators at the expense of us assisting our clients. David Seymour is also very cognisant of what has happened across the Tasman with their financial services industry there and the impact of overregulation on Australian consumers.




On 28 November 2023 at 2:30 pm valkyrie6 said:
Ringa Hora asking financial advisers for feedback on its review of proposed changes to the NZCFS Level 5 is a bit like the Wellington City Council asking ratepayers for feedback on its proposed cycleways.

The decision has already been made and any feedback received will be a complete waste of respondent’s time.
Ringa Hora clearly have their own ideological agender for the over Maorification of the New Zealand financial advice Industry and Mr Greenslade will sell the new training required via his training provider business.
Conflicts of Interest anyone?

On 29 November 2023 at 5:21 pm Amused said:
"In 2020 the former government, under the education minister Chris Hipkins, began reforming the vocational education sector including bringing the county’s 16 polytechnics under one super polytech Te Pūkenga."

"At the time industry qualifications were set and monitored by the ITOS, which also delivered training."

"Under the reform, the ITOs’ training provision was transferred to the workplace training arm of Te Pūkenga. Meanwhile, responsibility for setting and monitoring qualifications was given to six new workforce development councils (WDCs)."

This afternoon on the 29th of November 2023 the New Government released a '100 day plan'

Prime Minister Christopher Luxon has published a 49-point, "100-day plan", detailing the first actions his Government will take which include disestablishing Te Pūkenga. Clearly then Workforce development councils such as Ringa Hora are also about to cease to exist.

Given National and ACT's election promise to scrap them if elected why did NZQA involve Ringa Hora in the proposed changes to the NZCFS Level 5???
On 26 December 2023 at 9:32 am w k said:
read this article guys.

https://financialnewswire.com.au/financial-planning/adviser-exam-to-become-100-multiple-choice/

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