How the level 5 qualification impacts upon all FAPs and advisers
How the level 5 qualification impacts upon all FAPs and advisers
09 NOV 2021
Completing the level 5 qualification is not a ‘tick and forget’ activity. The Code of Professional Conduct for Financial Advice Services makes it abundantly clear- the standard of particular competence, knowledge, and skill required to provide regulated financial advice is that required in the New Zealand Certificate in Financial Services (Level 5) v2.
If an adviser gives advice across multiple products e.g. investment, life insurance, mortgages, then they will need to complete the Core Strand and each of the relevant specialist strands. If an adviser holds one of the older level 5 qualifications, then they will need to prove competence with the version 2 qualification before the end of the transition period. The common way to do this is by completing the ‘Closing the Gaps’ course which is similar to the old Standard Set B regulatory exam (but is now open book).
If not sure what you need to do, then our help desk can talk you through the various pathways and options available to you. Contact us now.