Do you need to upskill?

What do I need to do to meet the competence requirements outlined in the new Code?

If you and your advisers have completed either the ‘old’ National Certificate or the ‘new’ New Zealand Certificate, then your only issue is one of ensuring that knowledge and competence is maintained.

If, however, you are uncertain about whether to start, or finish, Level 5 training, then now is the time to make that decision.

The new minimum competence benchmark is the Level 5 New Zealand Certificate in Financial Services (version 2).

Code Standards 6, 7, and 8 of the new Code, describe how advisers can meet the competence level required under each Standard.

Code Standard 9 describes the ongoing CPD obligations that all advisers will have from June 2020.

Although version 2 of the New Zealand Certificate is the benchmark, there are alternative ways to demonstrate competence, some of which are outlined in the new Code. Please note that just because you have an alternative way to demonstrate competence, it does not cross-credit into the Certificate.

For a lot of advisers, it makes sense to complete any required study sooner rather than later. Completing your study sooner frees you up to focus on transitioning your business to the new regime, and makes you a more attractive proposition for a FAP licence holder.

A two-year competency safe harbour post June 2020 is possible however it should only be considered as part of developing a business plan for transitioning as there are restrictions.

We recommend you contact Strategi Institute to discuss your personal situation and they will help you identify what study you might need to do (info@strategi.ac.nz or 09 414 1300).

If you already know what you need to enrol in, then find out how to enrol and complete the New Zealand Certificate in Financial Services Level 5 and why Strategi Institute is your logical study partner.

If you just need to ensure your knowledge and competence is maintained, Strategi Institute has an online CPD platform (Radar), which enables you to plan, track and complete CPD training.