Code Standard 8 of the Code of Professional Conduct for Financial Advice Services states a person must not give financial advice that includes a recommendation to buy or sell or not buy or sell a financial advice product or switch funds within a managed investment scheme, unless the person meets the standard of particular competence, knowledge, and skill for product advice. 

An example would be an adviser starts to advise on a new product type e.g. adds KiwiSaver scheme advice to mortgage advice, then the Investment Strand is required in addition to the Residential Property Lending Strand already held. The important point is that the strand would need to be obtained before the new advice is provided. 

Now is the time to check adviser competency to ensure all advisers have the right Level 5 strands for the advice they currently provide and are enrolled to complete the additional strand they need to obtain before expanding their scope of advice. Contact the team at Strategi Institute for details on completing additional strands of the Level 5 qualification.