SiFA: Drop competence standards for nominated reps
SiFA has filed a supplementary submission to the working group developing a new code of conduct for the financial advice sector.
It said, rather than impose a level five standard for anyone offering retail product advice and a degree standard for anyone doing financial planning, the code should only require education standards of financial advisers.
Nominated representatives, who operate under the umbrella of a financial advice provider that would take on many of their compliance obligations, should not have any such requirement, SiFA said.
Chairman Murray Weatherston and consultant Robert Oddy resiled from their earlier suggestion that the base standard for the industry should be level five.
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