What’s Changed in the Financial Advice Code?
The new version of the Code of Professional Conduct for Financial Advice Services has been signed off and will take effect from November 1. At first glance, not much has changed.
The nine standards remain, and most advisers will find the framework recognisable. But a closer look shows a significant clarification and one significant shift.
Four of the nine standards have been altered. That’s nearly half the Code, although most of the changes are technical. Standards 6, 7, and 8 (general competence, investment planning, and product advice) have all been updated to recognise version 3 of the New Zealand Certificate in Financial Services (Level 5), alongside version 2.
Standard 7 also loses its “interim” label. The suggestion that investment planning competence might need to be raised further has been dropped. The effect is to settle the current level of qualification as the accepted benchmark.
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