Ministers welcome new financial services qualification

Education Minister Chris Carter and Commerce Minister Lianne Dalziel have welcomed New Zealand Qualification Authority (NZQA) approval of a national qualification for financial advisers.

Lianne Dalziel said the National Certificate in Financial Services – a Level 4 qualification - had been developed by the financial services sector industry training organisation, ETITO, in conjunction with industry and was the first national qualification for the financial services sector.

"This is great news for financial advisers who have been seeking a nationally-recognised qualification," Lianne Dalziel said. "This is a significant step in the government's efforts to improve the competence, accountability and disclosure requirements of financial advisers."

"Importantly, these qualifications are being designed to have equivalence to the Australian financial services national certificates and Australia has an agreement with NZQA that allows mutual recognition of each country's qualifications."

The industry training organisation (ETITO) is developing the training and assessment systems to enable financial advisers to undertake the new Level 4 national certificate through accredited providers from 2009. Details of the qualification will be online on the NZQA website (www.nzqa.govt.nz) from 12 August 2008.

Chris Carter said that it was increasingly important to have nationally-recognised standards so that clients could identify appropriately qualified financial advisors.