Moves to review and potentially revise the Level 5 entry-level qualification required by financial advisers attracted reader comment and plenty of traffic this week…

The New Zealand Certificate in Financial Services (Level 5) is undergoing a review to ensure it remains relevant as the financial advice landscape changes.

David Greenslade, Executive Director of Strategi Group, is actively involved in the review and says while the current qualification “…isn’t flawed, it requires an overhaul to accommodate potential shifts in the provision of financial advice in the coming years”.

He says the review process, led by Ringa Hora, the Workplace Development Council, follows a structured and formal approach.

Greenslade notes that a team of industry experts are collaborating to identify emerging trends and guide necessary adjustments to the qualification.

“Throughout the process the Code Committee is being kept informed, serving as the authority for setting the minimum education standards. The review is expected to conclude by the end of the first quarter of 2024,” he states.

The anticipated Version 3 of the New Zealand Certificate in Financial Services (Level 5) is set to be formalised in 2024, and there will be a transition period before training providers must discontinue providing the Version 2. The Code Committee will decide in due course what it deems to be the minimum education standard.

Updated with a revised final paragraph.

Code Committee working group members

Name Organisation
Angi Mann Professional IQ
Leanna Burnett Open Poly
Tim Larkin Professional IQ
Jillian Stewart Professional IQ
Sarah Hassall Open Poly
Mark Banicevich Partners Life
David Greenslade Strategi
Helia Whitaker ANZ
Jeffrey Stangl Massey University
Cedric Suifua Willis Tower Watson


Consultation group members

Name Organisation
Colleen La Touche Kaplan Professional in partnership with Massey Business School
Rachelle HardieNeil FSC
Raj Naidu AIL New Zealand
Craig MulHolland Apex Advice
Susan Grant SHARE NZ
Angus Dale-Jones Financial Code Committee
Romil Ghelani Financial Markets Authority
David Rigg Westpac