PIQ College

For many Fire & General advisers, attaining the New Zealand Certificate in Financial Services Level 5 (NZCFSL5) has either been ticked off the list or is well underway. Which is a great place to be some 16 months before the competence safe harbour period draws to a close in March 2023.

However, there are some key points that we want to ensure our IBANZ members who are completing, or who have completed, one of the formal Level 5 qualification options as outlined in the Code, are aware of. See the quick summary below. Some of the qualification lingo can be complicated, so don’t hesitate to reach out if you need to clarify anything in the following.

Demonstrating knowledge of the current regulatory framework

Under Code Standard 9, you must be able to demonstrate knowledge of the current regulatory framework. While the Core Knowledge Strand of Version 2 of the NZCFSL5 addresses this requirement, advisers who completed their qualification under Version 1, may have a gap to address.

To achieve this, you have options: you might choose to attend a session provided by a subject matter expert, for example hosted by a professional body, or you could choose to complete the Legislative Framework Module – designed to address this gap – offered by Professional IQ College. Whichever way you choose to go, the key thing to note is that the training or session needs to be offered by a subject matter expert; reading up on the Legislation is unlikely to be sufficient.

For advisers undertaking Version 1

Version 1 of the NZCFSL5 expires on the NZQA Qualification Framework in December 2022. There’s no need to panic, and if you have this Certificate it is still valid. But please be aware that you need to complete your full qualification before this point to get your Unit Standards registered and to meet requirements to attain the Certificate (which is Core Knowledge and one specialist advice Strand). If you have started on Version 1, we recommend completing all requirements well in advance of the December 2022 expiry, to allow time for assessment and having your credits registered.

If you do not complete your qualification by this time: you will need to complete any outstanding Strands in Version 2 of the NZCFSL5 to achieve the relevant Unit Standards to meet competency requirements (bearing in mind that there are other ways to demonstrate competency under the Code).

A little-known fact. You can meet the Code competency requirements with a combination of Strands completed in Versions 1 and 2. For example, you could complete Fire & General in Version 1 and Core Knowledge in Version 2. However, to receive the physical Certificate (to hang on the wall, use in your client communications), both Core Knowledge and at least one Strand need to be completed within the same Version, i.e., Version 1 or Version 2.

Contact the team for help or clarification

That’s it for this month - just a few potential gaps we want to ensure IBANZ members are aware of. If you have any questions about Level 5 in general or queries about the above information, we welcome you to contact the Professional IQ College team - we’re here to help. Call us on 09 306 1731, email at info@professionaliq.co.nz or visit the website at professionaliq.co.nz.

December 2021

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