FIELD SERVICE SECTOR
Review of Financial Services qualification
National Certificate in Financial Services (Financial Advice) (Level 5) [Ref: 1476]
The ElectroTechnology Industry Training Organisation (ETITO) has completed the review of the qualification listed above.
Date new versions published April 2010
The next qualification review is planned to take place during 2012.
Summary of review and consultation process
Version 2 of the qualification was issued to ensure that the qualification reflects the current regulatory context, to reflect the review of the investment advice standards, and to recognise the competence of people involved in providing residential property lending advice. During the review process, ETITO consulted with industry, training providers and with the Code Committee for Financial Advisers which lead to the restructuring of the qualification into three strands.
Main changes resulting from the review
|
Review category |
B |
See Key to Qualification Review Categories at the end of report |
Version 2 of the qualification was issued to include new standards which cover knowledge and skills of residential property lending advice and the legislative framework for financial advisers, to reflect the review of standards 25648 and 25649 which make up the Investment Advice strand, and to include three strands in the qualification.
Changes to structure and content
· Standard 26360 was added to the new Core Compulsory section.
· Standards 25644 and 25648 from Elective A and standards 1875, 6409, 6410, 7455, 23394, 23397, and 25654 from Elective C were moved to the new Core Elective section. Standards 9689, 24756, 26286 were also added to this section.
· Standard 25649 from Elective B was moved to the new Investment Advice Strand. Standard 25648 was also added to this strand.
· Standards 25645-25647 from Elective B were moved to the elective section of the new Insurance Advice strand. Standard 25644 was also added to the compulsory section of this strand.
· The new Residential Property Lending Advice strand includes standards 26286 and 26287.
· The overall credit total was changed from 50 credits to 50-55 depending on strand.
Transition
The start date for programmes or courses for the new version is the date that this version is registered. ETITO recommends that candidates transfer to version 2 and all new candidates will be enrolled in programmes leading to version 2 of this qualification. The last date for assessment against version 1 of this qualification is December 2010.
This qualification contains standards that replace earlier standards. For the purposes of this qualification, people who have gained credit for the expiring standards are exempt from the requirement to gain credit for the replacement standards - see table below.
|
Credit for |
Exempt from |
|
16616 |
23397 |
|
11994 |
23394 |
It is not intended that anyone is disadvantaged by this review, and the above arrangements have been designed for a smooth transition. However, anyone who feels they have been disadvantaged may appeal to the ElectroTechnology Industry Training Organisation (ETITO) at the address below.
ElectroTechnology Industry Training Organisation (ETITO)
FREEPOST 5164
PO Box 24469
Royal Oak
Auckland 1345
Telephone 09 525 2590
Email reviewcomments@etito.co.nz
Key to Qualification Review Categories
|
Category A The qualification is published as a new version with the same NQF ID |
Changes are made to SSB name, contact details or purpose statement |
|
No change is made to title, rules or components of the qualification | |
|
No transition arrangements are required | |
|
Category B The qualification is published as a new version with the same NQF ID |
Changes are made to title, rules or components |
|
The new version of the qualification recognises a similar skill set to that recognised by the previous version | |
|
The SSB is confident that people awarded the new or previous version are comparable in terms of competence | |
|
Transition arrangements are required if candidates must gain additional/different credits for the new version | |
|
Category C A new (replacement) qualification is published with new NQF ID |
Significant changes are made to the qualification in terms of components, structure, type or level |
|
The SSB views people with the replacement qualification as being significantly different in terms of competence from those with the replaced qualification | |
|
Transition arrangements are required | |
|
Transition may be limited to phase-out dates | |
|
Category D Qualification will expire. There is no replacement qualification |
Qualification is no longer required by industry |
|
The qualification is designated as expiring and a last date for meeting the qualification requirements is set |