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


National Certificate in Financial Services (Financial Advice) (Level 5) [Ref: 1476]

National Certificate in Financial Services (Financial Advice) (Level 5) with strands in Investment Advice, Insurance Advice, and Residential Property Lending Advice [Ref: 1476]


Review category


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.




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






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)


PO Box 24469

Royal Oak

Auckland 1345


Telephone       09 525 2590




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