News Round Up: May 30

IFA takes professional development online; ANZIIF offers Level 5 accreditation; Ratings cut on NZ banks.

Monday, May 30th 2011, 7:20AM

IFA takes professional development online, amends structure
The Institute of financial Advisers (IFA) has announced the launch of a new online professional development structure that will provide members with ten hours of professional training.

The new initiative will provide IFA members with ten hours of structured credits via webinars, webcasts and online learning facilities.

"Until now we have relied on road shows and other meeting opportunities such as branch meetings to deliver structured credits," said IFA chief executive Peter Lee.

"However only one member in three is generally able to attend these events and it is clear that we need to offer a number of delivery mechanisms including online."

Lee said the IFA was also amending its membership structure, requiring all new provisional members to become general members within three years of becoming a member.

"We have not reviewed this for a long time and with the introduction of regulatory change and improved international trends we believe now is a good time to set net and higher standards for institute members," he said.

ANZIIF offers Level 5 accreditation
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) is offering its life insurance, broking and financial planning qualifications as accredited courses towards achieving the New Zealand Financial Services Level 5 qualification.

Thousands of students who have undertaken ANZIIF's qualifications in recent years will receive direct credits for their studies, with accredited qualifications including the Diploma of Life Insurance - Standard Sets A and E, and the Diploma of Financial Planning - Standard Sets A and D.

ANZIIF general manager of education and knowledge management, Clim Pacheco, said it was a great outcome for the New Zealand market and ANZIIF students.

"As the first international education provider for Level 5 qualifications in New Zealand, ANZIIF's courses will enable students to obtain both a NZQA qualification and an internationally-recognised qualification at the same time," he said.

Blog:It's time to engage investors about the new regime

Ratings cut for NZ banks
Credit ratings agency Moody's Investor Services has cut the ratings of New Zealand's four major banks, citing the state of the economy.

ANZ National, BNZ, ASB and Westpac have all had their ratings cut by a notch from Aa2 to Aa3.

The reduction comes in the wake of a review of bank ratings by Moody's.

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