Auto IFA authorisation premature, Commission says
Securities Commission director of supervision Angus Dale-Jones told Good Returns that decisions about acceptable competence levels for financial advisers required under new legislation "ultimately are for the Code Committee".
"Submissions from professional associations and other interested parties will help ensure that the Committee, the Commissioner for Financial Advisers, and the Commission are properly informed about possible competence standards, and possible ways to demonstrate that a person meets those standards," Dale-Jones said.
Currently the Commissioner for Financial Advisers is looking for people to be appointed to the committeee.
Under the law, practitioners who fall under the Authorised Financial Adviser (AFA) category - essentially those who deal in investment and full financial planning advice who are not acting for a Qualifying Financial Entity (QFE) - will have to prove their competence.
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