Members of the Financial Services Council (FSC) from the professional advice community are actively participating in the review of the New Zealand Certificate in Financial Services (Level 5).
This qualification is mandatory for individuals providing regulated financial advice to retail clients in New Zealand. Compliance with the outcomes of the New Zealand Certificate in Financial Services (Level 5) version 2 is typically achieved through completion of the certificate.
The review process, which involves the professional advice community, is focusing on the potential incorporation of enhanced elements within the curriculum. These elements include a stronger focus on soft skills, interpersonal skills, and ethical considerations, which are deemed crucial for professionals in the financial advice sector.
Feedback for the proposed changes will be accepted until Feb. 9. The Ringa Hora Services Workforce Development Council is undertaking the consultation of the proposed changes.
The New Zealand Certificate in Financial Services (Level 5) encompasses various strands such as investment, life, disability, and health insurance, general insurance, residential property lending, personal lending, banking, and trustee services.
Consultations with industry stakeholders have been a key part of the review process. A specially convened review panel, comprising sector representatives, has been instrumental in informing the review and suggesting modifications to the qualification framework.
Key proposals emerging from the review include minor alterations to the strategic purpose statement and a more explicit inclusion of ethics and interpersonal skills as overarching requirements in the conditions for programs. Additionally, there is a move to refine the wording used in the qualification to better align with the Code of Professional Conduct for Financial Advice Services.
This ongoing review and the proposed changes underscore the evolving nature of the financial services sector, particularly in the context of professional qualifications and standards. The emphasis on soft skills and ethical practices reflects a broader industry trend towards holistic professional development.
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