Important message for mortgage and insurance advisers enrolled in training for authorisation

15 June 2010

If you are one of almost 3,300 insurance or mortgage advisers who have enrolled in training for the National Certificate in Financial Services [Financial Advice] [Level 5] for the purposes of authorisation, you may be affected by proposed changes to the financial adviser regime announced on Friday 11 June 2010.

One of the apparent effects of changes proposed by the Bill is that it may no longer be a requirement for many mortgage and insurance advisers to become authorised. ETITO has also received feedback that voluntary authorisation of insurance and mortgage advisers does not appear to be possible under the Bill as it now stands.

ETITO continues to advocate strongly for the qualification as a demonstrable standard of competence for financial advisers in New Zealand. However, we do understand the concern and confusion expressed to us by those mortgage and insurance advisers who have made the commitment to the qualification based upon their intention to become authorised and who are now uncertain about how, or whether, to proceed.

ETITO continues to seek clarification about the impact for advisers of the proposed legislative changes. If advisers are concerned in the interim, they are urged to contact their professional association or seek guidance from the Securities Commission.

The training and assessment system for the National Certificate qualification, including the mortgage and insurance specialisations, will continue to be supported by ETITO. More information will be made available on this site as it comes to hand.