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Consultation on skills for financial advisers

News release
20 April 2009

Consultation begins on skills required for financial advisers

All people interested in the competency of financial advisers are invited to make submissions on the skills advisers will be required to have under a new law.

The Financial Advisers Act 2008, to be implemented by the end of 2010, is designed to lift the standards of professionalism and accountability of financial advisers, thereby giving investors greater confidence in the advice they receive. The Securities Commission has today released a Staff Paper on Authorised Financial Adviser Competence. The paper outlines current developments and possible approaches to setting the standards of competence which will be required for advisers who are authorised under the new law.

Commission Director of Supervision Angus Dale-Jones urges financial advisers, their employers, investors, education providers and other interested parties to review the paper and make a submission to the Commission. “The competence of financial advisers is at the heart of the new Financial Advisers Act so it is critical that all people with an interest in the industry get involved now,” he says.

The skills and competencies required for financial advisers will ultimately be determined by the Commissioner for Financial Advisers and the Code Committee. Mr Dale-Jones says this will involve extensive consultation.

“The release of the Staff Paper on Authorised Financial Adviser Competence signals the start of an intense 18 months as the Securities Commission, other government agencies, financial institutions, financial advisers and education institutions put in place the systems and training required for the Act to be fully operational.”

For more information visit the Securities Commission website www.seccom.govt.nz. Email updates are also offered to people wishing to subscribe.

ENDS

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