• Must be engaged by a fully licensed financial advice provider (FAP) – either directly or via an authorised body.
• Will need to have obtained the New Zealand Certificate in Financial Services (Level 5) Version 2 or recognised equivalent and be able to prove they operate at the Version 2 standard. This includes obtaining any specialist strands of advice.

What are the implications of not being ready?

• Failure to be engaged by a FAP or you yourself being a FAP means you will not be able to provide regulated financial advice.
• If a transitionally licensed FAP does not obtain its full licence by the due date it will not be able to engage financial advisers, nominated representatives or authorised bodies. Therefore, it will not be able to provide financial advice
• Failure to have attained the New Zealand Certificate in Financial Services (Level 5) Version 2 or recognised equivalent means you will not be meeting the competence, knowledge and skill obligations under the Code of Professional Conduct for Financial Advice Services and will not be able to provide financial advice.

The consequences of not being ready in time are catastrophic for businesses and individuals who are affected. Strategi is aware of hundreds of advisers who have not yet started their Level 5 qualification plus many more who need more than one specialist strand (as they provide advice across many areas) and currently only have one specialist strand of the Level 5 qualification.

How Strategi can assist you

• For those who need to get a FAP licence: Strategi has created a FAP operations manual and toolkit. For one low fee, you can obtain all the templates and processes you need to apply for a FAP licence. Some customisations will be required but this kit will save you thousands of dollars in time. For an additional fee, we can customise the manual for you or review the customisation you have done. Find out more…
• For FAPs who are not sure of adviser education status: Strategi Institute offers a service where we can check NZQA records and provide a gap analysis report listing what education each adviser needs to complete to be able to operate post 15 March 2023. To find out more please email info@strategi.ac.nz
• For advisers who need to obtain their Level 5 qualification: Strategi can provide a fast-track solution for obtaining your qualification. This includes block course training plus weekly online workshops to guide you through rapid completion of assignments. Find out more…