Time running out to comply with new code of conduct
Strategi Compliance is a leading compliance provider who is encouraging all financial advice providers to finalise their licence requirements by March 15 2023.
Strategi Institute, a Category one training provider with NZQA is a leading education provider of the New Zealand Certificate in Financial Services Level five and is strongly recommending that for those financial advisers who have not started their qualification or who have started but not yet completed, to finish their studies before March 15, 2023.
Those who have not completed their studies or have not obtained their qualification by this will be unable to provide financial advice.
Strategi Compliance CEO Daniel Relf (pictured above) said Strategi was a leading provider of education for the industry in New Zealand.
“When it comes to the institute side, Strategi Compliance is considered a Category One provider with the NZQA (New Zealand Qualifications Authority) of training, which means we have what is considered the best quality output,” Relf said. “We have the largest number of students coming through our courses and we provide online training, Zoom facilities and classrooms which run regularly across the sector.”
Relf said the mortgage industry was coming to a pinch point as the deadline for the new financial advice regime was only three and a half months away.
“Time is running out for those who are yet to obtain their qualification. The message I am hearing at the moment is people think March 15 is the day they need to have everything ready, however February 15 is the last date you can submit your last assessment, so the applicant can have their qualification in time before the cut-off date.”
Relf said Strategi provided a holistic approach of financial advice for the entire industry.
“We have identified that adviser’s FAPs (financial advice provider) are crucial and they can cause headaches to obtain. There is also an issue of staff shortages and record low unemployment rates, so it is our job to train and maintain staff,” he said.
“It is our job to provide clients with the education they need to maintain (or be accredited) financial advisers. I believe there will be a percentage of advisers kicking up a stink about the new licensing regime and the fact they need to get educated. For those who are highly engaged in the industry who might already have the qualification or those who understand the requirements and are taking the time to get the qualification are much better off.”
Relf said that many are believing they have until March 16 2023 to complete assignments and recommends anyone working towards their level five qualification or an additional specialist strand must have final assignments lodged by February 15 2023. This gives time to get the assignment marked, any rework completed then two weeks for NZQA to approve the qualification and have it showing on the national qualification register.
“The delay in the regime from June 2020 to March 2023 was due to COVID-19,” he said.
“The FMA has said multiple times that there will be no more delays and the regime will start after March 15 2023. Those who do not get their full FAP licence or the appropriate qualification as stipulated in the Code of Professional Conduct for Financial Advice Services will have to stop providing financial advice until they have obtained their licence from the FMA and obtained their qualification.”
