David Greenslade, Executive Director of Strategi Group, a member of the qualification review working group, and a seasoned financial adviser reports:

“The revisions hold no red flags for both new and existing financial advisers, nominated representatives or financial advice providers. The primary objective is to update the existing qualification to align it with the industry’s needs over the next five years.”

What to expect?

1. Industry consultation: Ringa Hora is required to engage with the industry and seek feedback on the draft qualification. This is a great opportunity for FAPs to closely review the proposed new qualification to ensure it meets their needs over the next five years. Strategi encourages as many as possible to have a good look at the qualification and take the time to fully understand its purpose and content. 

2. NZQA approval and transition period: Once NZQA gives its approval to the revised qualification, a transition period will be set. During this time, education providers, including Strategi Institute can continue offering the current NZCFS (L5) (Version 2). Simultaneously, they will develop updated content and roll out the V3 qualification for those aspiring to become financial advisers.

3. CPD module development: During the transition period, Strategi Institute will develop Continuing Professional Development (CPD) modules. These modules will specifically address the gaps between the Version 2 and Version 3 qualifications, offering valuable content for advisers to incorporate into their professional development plans in 2024.

4. Code Committee oversight: The Code Committee continues to monitor the Code of Professional Conduct for Financial Advice Services and will decide if the minimum education standard needs to be amended.

Ongoing communication

Rest assured, Strategi is committed to keeping the industry well informed about the progress of the qualification review. Should any changes to the Code Occur, the Code Committee will diligently communicate with all affected parties, as it has done in the past.

We appreciate your ongoing dedication to maintaining high professional standards in the sector. If you have any queries or require further clarification feel free to reach out to us.