Katrina Shanks, CEO Financial Advice NZ, has clarified what those who held an AFA designation need so they can continue offering advice under the fully-implemented regulatory regime.
“We’ve received many requests for clarification on what qualifications you need to obtain to provide advice after 17 March 2023 if you were an AFA in the previous regime,” says Shanks.
“The Code makes it clear that the standard is having capabilities equivalent to the qualification outcomes of Level 5 v2. Those different qualifications, whenever attained, should be regarded as being sufficient for demonstrating the required competence.”
Shanks says there are various sources for acquiring competence, and they include CPD, already working as a financial adviser, and up-skilling on new requirements.
“Code Standards 6 to 8 are structured to offer some flexibility, provided the person has one of those certificates,” she says.
“However, that standard may be demonstrated in various ways, as provided in the Code, including holding version 1 or 2 of the Level 5 Certificate, holding the National Certificate in Financial Services (Financial Advice) (Level 5), or being an AFA immediately before the Code commenced.”
By way of example, Shanks says that if you were an AFA in the previous regime and were permitted to provide certain services, you may continue to provide those services as your competency is obtained from what you were permitted to provide in the old regime.