tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, November 22nd, 6:31PM

News

rss
Latest Headlines

Four educators represented on Level 5 working group

Four education providers are represented on the working group involved in the NZCFS review run by Ringa Hora - the Workforce Development Council.

Friday, November 17th 2023, 12:00PM 7 Comments

by Andrea Malcolm

Professional IQ, Open Poly, Massey University and Strategi, as well as Partners Life, ANZ and Willis Tower Watson are on the group which was convened by Ringa Hora.

The review, to ensure the qualification remains relevant, runs from September to November and is mandated every five years by the NZQA.

In August, Ringa Hora put out a call to industry to participate in the review. Ringa Hora said the review would be conducted using a variety of methods including face-to-face and/or online meetings, individual interviews, email consultation, focus groups and workshops.

As well as the working group there is a consultation group of those who registered interest in the review and will receive communications on the progress and be invited to contribute to feedback.

Suggestions on development of the next version of the Level 5 certificate must be approved by NZQA before it passes into the curriculum. It will then be up to the Financial Advice Code Committee to adopt it as the industry standard. Code Committee chair Angus-Dale Jones is part of the consultation group.

Topics under consideration for the new version include soft skills, AI and, for the investment strand, responsible investment.

NZQA will allocate an expiry date for the current version 2. Within that time frame, education providers must have commenced providing the new approved version. In the past, that phase in period has been around 18 months but there is no guarantee it will be the same this time.


Working Group
Angi Mann          Professional IQ
Tim Larkin          Professional IQ
Jillian Stewart    Professional IQ
Leanna Burnett    Open Poly
Sarah Hassall      Open Poly
David Greenslade   Strategi
Mark Branicevich    Partners Life
Helia Whitaker       ANZ
Jeffrey Stangl        Massey University
Cedric Suifua        Willis Tower Watson

Consultation Group
David Rigg          Westpac
Colleen La Touche        Kaplan Professional in partnership with Massey Business School
Rachelle HardieNell      Financial Services Council
Raj Naidu                AIL New Zealand
Craig Mulholland    Apex Advice
Susan Grant        Share NZ
Angus Dale-Jones      Financial Code Committee
Romil Ghelani             Financial Markets Authority

Tags: NZCFS

« Concerns over FMA's new approach to regulatingRalph Stewart's Lifetime pick up more AMP schemes »

Special Offers

Comments from our readers

On 17 November 2023 at 4:58 pm Amused said:
When we clearly have minimal adviser participation on this working group involved in the NZCFS review and four education providers present (sigh) why are an external third party (Ringa Hora) with no connection to the financial services industry being charged by NZQA to run this?

Doing some research Workforce Development Councils (WDCs) were created by the last Government to “ensure the vocational education system meets industry needs and gives a stronger voice to Māori business and iwi development”. There are six WDCs Ringa Hora being one and their responsibilities include setting standards, developing qualifications, and helping shape the curriculum of vocational education.

Before yesterday I had no idea that Workforce Development Councils existed, and I thought that “vocational education” was education that prepared people for a skilled craft (manual skills) i.e. tradesperson or maybe a technician. I have never heard this term being applicable to anybody working in the financial services industry.

Respectfully, I don’t think Workforce Development Councils will be receiving much more taxpayer money under this new Government once it is finally formed. The above probably says a lot about the last 6 years under the previous administration and the current state of things generally in the tertiary education sector with their priorities.

There are some very intelligent individuals working in financial services, but we all seem to have missed a golden opportunity to establish a completely new industry now and sell it to our politicians.

On 19 November 2023 at 7:35 am Murray Weatherston said:
Who remembers that the original versions of Level 5 were done by ETITO -ElectroTechnology Industry Training Organisation.

They got the impramtur from NZQA for financial adviser qualifications.

I think ETITO renamned itself The Skills Organisation. They reviewd Leval 5 as recently as 2018.

Does anyone know if The Skills Organisation is ewlated and if so how to Ringa Hora?
On 19 November 2023 at 8:18 am Murray Weatherston said:
More trivia
NZ Cert in Fin Services - last date for assessment Vers 1 was 31 December 2022.
Current vers is Level 2. Last review was in 2019 - following the url for the summary of 2019 on qual site comes up with Error 404.
Ringa Hora wasn't in existence then so my guess review was by The Skills Organisation.

Workplace Development Councils seem to have been invented in 2020.

My guess is NZQA must have removed authority for developing financial services quals from the Skills Organisation and given it to this new org Ringa Hora.

Qustion must be what competence and expertise did Ringa Hora have in financial services quals when they took charge?
On 22 November 2023 at 3:33 pm Aggressively_passive said:
Ringa Hora probably know as much about financial services as my Electrician...

I remember being told by the Electrical ITO to sit set B under the supervision of a contractor who knew nothing about the material, at a diving school, next to a driving range, in a stuffy classroom, on a rented laptop.
I actually thought they weren't serious.
On 23 November 2023 at 3:50 pm Amused said:
Someone joked to me yesterday that with a Workforce Development Council like Ringa Hora being involved in the NZCFS review NZCFS Level 5 version 3 will likely now include a section on how colonisation has impacted the financial services industry.
On 24 November 2023 at 9:28 am Tash said:
I'm sure all the people named above are very talented people, and some appear to work for adviser businesses. Have any of them ever given investment or life insurance advice to actual clients?
On 28 November 2023 at 7:42 am JPHale said:
@Tash a good question I think many of us have asked and wondered

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.49 6.49 6.49
TSB Special 7.89 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.02 5.79 5.69

Last updated: 20 November 2024 9:45am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com