The Skills Organisation

What does the code mean for financial advisers?


The Code states that to offer unrestricted financial adviser services, an Authorised Financial Adviser [AFA] must either have attained the 'Unit Standard Sets within the revised version of the National Certificate in Financial Services [Financial Advice] [Level 5] that are relevant to the financial adviser services provided by the AFA', or they must hold one of a number of specifically identified recognised alternative qualifications or designations.

If an adviser holds one of these listed recognised alternative qualifications / designations, only certain unit standards contained within the revised National Certificate will apply.

What if my qualification is not on the list of recognised alternative qualifications?

If an adviser's existing qualification isn't specifically mentioned by the Code Committee in the Code, it doesn't mean that it won't contribute towards achieving the National Certificate in Financial Services [Financial Advice] [Level 5].

A number of financial advisers have worked in the industry for many years and these advisers may already possess the skills, knowledge and experience needed for assessment. While further training may not be required, all advisers will need to gather a portfolio of evidence for assessment.

The reason that the Financial Markets Authority is requiring a centrally administered assessment system for capstone unit standards, should they be required for authorisation, is to ensure consistency of adviser competence.

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