[Weekly wrap] Calls to reclassify KiwiSaver
In its submission on KiwiSaver sales and distribution, the PAA has called for advice on the scheme to be made more accessible by changing it to a category 2 product rather than category 1, allowing RFAs to provide personalised advice on it. The issue has long been a controversial one in the adviser community and the PAA's view is likely to get a mixed reaction.
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The KiwiSaver debate highlights the wider issue of how products are classed under the Financial Advisers Act, with investment products requiring advisers to be authorised but risk products only require advisers to be registered. As one RFA said to me, advisers need qualifications to be able to advise someone with $5000 in KiwiSaver but don't need any qualifications to advise on million-dollar life insurance policies.
The PAA was also in the news this week for being approved as a Delegated Assessment Organisation (DAO) by the ETITO, which is to be re-named The Skills Organisation. This means the PAA will be able to offer its members the Level 5 National Certificate in Financial Services - including assessing Standard Sets modules in-house.
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