Everyone should have Level 5: Financial Advice NZ

It was among the submitters who offered comment on the draft code of conduct for financial advice. Submissions closed on Friday.

The code suggests that in some cases financial advice providers will be able to "backfill" their staff's competency. Those who do not have a level five qualification could be deemed to be providing advice at that standard if the provider had the systems and processes in place to fill in any gaps.

But Financial Advice NZ said there should be one minimum qualification (or the equivalent through RPL) for all persons providing regulated financial advice.

“The Professional Code of Conduct will provide a cornerstone for building public confidence and trust. Anything but a consistent requirement for those providing regulated financial advice, right across the sector, jeopardises that: it would impede the ability of the sector to establish the continuity of competency that Kiwis should be able to rely on,” said Financial Advice New Zealand chief executive Katrina Shanks.