Open Polytech puts off assessing ‘Standard C’ for now

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The Open Polytechnic, which has partnered with Sovereign to offer adviser training, has put off assessing portfolios under the Code of Conduct's Standard Set C, and will spend its time focusing on training advisers to get up to speed for the rest of their competency requirements.  

Thursday, May 6th 2010, 12:14PM 1 Comment

by Paul McBeth

Manager of the Business Development Unit Lara Stewart says the Open Polytech plans to focus on training advisers and is gearing up for large volumes of people to come through in the coming months. She said the institution does not plan to apply to become a Delegated Assessment Organisation in the immediate future, though it may be something it is interested in the longer term.

"For us, we're definitely about training providers," Stewart told Good Returns. "We have 300 active enrolments, and are expecting large volumes in May."

Strategi, Adviserlink and the Open Polytech are the only three organisations to be accredited to provide training for all unit standards required of the Code of Conduct. ETITO manager of strategy and corporate relations Michael Frampton told IFA members in Wellington that he expects to announce four more providers this week.

Frampton said Strategi and Adviserlink had applied to become DAOs, and that the Open Polytech was not going to participate in the process.

Some 1,200 advisers have used the ETITOs self-evaluation tool, and Frampton said the success rate continued to decline, with less than 50% achieving a pass on their web-based application.

Frampton warned Wellington IFA members that the delays to the deadline for advisers to meet the required competency level should not be used to defer training and assessment.

Paul is a staff writer for Good Returns based in Wellington.

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