Consultation: Recognition of Australian adviser qualifications

Update March 2021

After reviewing submissions received, we have published information about using Australian qualifications or experience to give financial advice in New Zealand.

The Financial Services Legislation Amendment Act 2019 will introduce a new regulatory regime for financial advice. The start date for the new regime will be 15 March 2021. When the new regime is in force, a new Code of Professional Conduct for Financial Advice Services (the Code) will set the standards of competence, knowledge and skill that will apply for persons who give regulated financial advice to retail clients.

Broadly, the competence, knowledge and skill requirements in the Code will set competency at the qualification outcomes for Level 5 of the New Zealand Certificate in Financial Services version 2 (NZ Certificate). Particular qualification outcomes required depend on the advice to be given.

We propose to recognise that individual Australian advisers demonstrate the competence, knowledge and skill standards set by the Code if they hold certain Australian adviser qualifications, and to confirm this in a statement on our website. We invite your comments on our proposal and draft statement.