Qualification questions may cause concerns
The Financial Advisers Act review issues paper was released this week and outlines the areas the review will consider.
Among them are adviser qualifications and ethical requirements, adviser designations, classes of advice, the role of professional bodies and how well regulation is serving consumers.
Massey University director of academic programmes Claire Matthews said the questions raised around ethics and education standards were likely to be the most concerning to some advisers.
The paper says: “We seek feedback on the adequacy of the ethical and education standards that apply to different types of financial advisers, which currently differ significantly. There is debate as to whether these standards should be aligned and/or increased….What is an appropriate minimum qualification level for AFAs? Do you think that RFAs (for example insurance or mortgage brokers) should be required to meet a minimum qualification relevant to the area of advice they specialise in?”
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