Financial Services

For Individuals

  1. Home
  2.  » 
  3. Careers and Courses
  4.  » 
  5. Financial Services
  6.  » Financial Services For Individuals

Interested in starting a career in Financial Services?

Interested to find out more about training with Skills to achieve New Zealand Certificate in Financial Services (Level 5), version 2?

Changes to the financial advice regulatory regime

New legislation affecting financial advisers comes into effect on 15th March 2021. As part of the changes, the Government is removing the three current adviser types – Registered Financial Adviser (RFA), Authorised Financial Adviser (AFA) and QFE adviser – and all advisers will need to meet the same standards.

The new legislation includes a new Code of Professional Conduct for Financial Advice Services which specifies new minimum competency requirements.

The new legislation also has a competency safe harbour for those who already hold or are undertaking the Level 5 qualification (for AFAs). This provision will help to ensure that qualification holders or current learners are not disadvantaged as a result of the new legislation.

Other qualifications, including those that were listed as alternative qualifications in the previous code, and overseas qualifications, do not on their own meet the requirements of the new code, unless they are listed under the Alternative Qualification Providers below.  Other Qualifications can though be used as part of a portfolio of evidence when applying for the Alternative Pathway for Individuals.  Those listed under Alternative Qualification Providers have been mapped to the New Zealand Certificate in Financial Services, Level 5, Version 2 at the request of the Training Provider.

For Individuals seeking to complete Level 5, version 1 qualification (for AFAs) 

The current Code of Professional Conduct for Authorised Financial Advisers, remains in place until the start of the new financial advice regime on 15th March 2021.

If you are currently completing version 1 of the New Zealand Certificate in Financial Services (Level 5), you can continue to do so, and once awarded the qualification, you will have met the requirements of the New Code under the new regime. This means that you will only be required to complete study on the New Regulatory Framework that will form part of your on-going CPD (Continued Professional Development). This training can be delivered by the authorised training providers.

For Individuals seeking to complete Level 5, version 2 qualification (for the new regime)

The New Zealand Certificate in Financial Services (Level 5) was updated in January 2019, and version 2 is now registered on the NZ Qualifications Framework.

This version of the certificate is referenced in the new Code of Professional Conduct for Financial Advice Services, as providing outcomes equivalent to the standard of general and particular competence, knowledge, and skill required of Financial Advisers in the new regime that comes into effect on 15th March 2021.

Completing the New Zealand Certificate in Financial Services (Level 5) Version 2 will provide certainty that an Individuals’ competency is at the required level.

For individuals seeking an alternative pathway to meeting the competency requirements of the new regime

The new Code of Professional Conduct for Financial Advice Services which comes into effect on 15th March 2021, includes references to using alternative qualifications and experience to demonstrate competency at the level required.

Important Information

The Financial Advice strand of Version 1 of the qualification can only be assessed through the Skills centrally administered assessment process. This includes a one hour multi-choice exam to demonstrate understanding of the legislative framework and the submission of a portfolio of evidence demonstrating professional advice process and application of legislative responsibilities. 

It is important that candidates are aware of the very particular marking criteria which are used for the exam and the portfolio assessment. More information on these criteria can be found in our  More information on these criteria can be found in our Financial Advice Strand Assessment Document.

The training providers that are Delegated Assessment Organisations can provide assessment services relating to the portfolio of evidence, but their outcomes are quality assured and reported to NZQA by Skills. 

My Skills Portal
Before you can book an exam or a portfolio assessment you MUST create a Financial Services Candidate account on the My Skills portal. To register, just click the red button below and follow the prompts on your screen. Your MySkills account also creates the facility whereby Skills reports successful completion of ALL results in the New Zealand Certificate in Financial Services to the Financial Markets Authority. 

The Current Training Providers offering the New Zealand Certificate in Financial Services (Level 5) versions 1 and 2 are:

Institutes of Technology and Polytechnics

Private Training Establishments