New Code of Professional Conduct

The new Code of Professional Conduct for Financial Advice Services comes into effect on the 15th March 2021. 

Option for all Advisers and Brokers who have already achieved either the New Zealand Certificate in Financial Services (Level 5) version 1 or the National Certificate in Financial Services (Financial Advice) (Level 5)

Code Standard 9; Keep Competence, Knowledge, and Skill up-to-date

If you give financial advice you must undertake continuing professional development as follows:

As an individual you must, at least annually, plan for and progressively complete learning activities designed to ensure that they maintain:

  • The competence, knowledge, and skill for the financial advice they give
  • To the extent relevant to the financial advice they give, an up-to-date understanding of the regulatory framework for financial advice in New Zealand.

Entities must, at least annually, review their procedures, systems and expertise to ensure that they maintain the capabilities for the financial advice they give.

The Financial Advisers’ paper provides an up-to-date understanding of the regulatory framework as a standalone paper ‘Providing Financial Advice’ which will provide advisers with the ability to interpret applicable provisions in the regulatory framework to use when providing financial advice services and includes:

  • Legislation and regulations applicable to financial advice and financial advice services
  • Financial services consumer legislation and financial services compliance legislation in a general financial services context
  • Code of Professional Conduct for Professional Financial Advice Services
  • Roles and responsibilities of participants in complaints and disputes handling processes

The paper will enable Financial Advisers to complete the NZQA Unit Standard 31858 providing 10 NZQA Credits.  

This Code Standard will apply when the two year safe-harbour period ends in March 2023. However, for those advisers and brokers who wish to demonstrate their knowledge of the NZ regulatory framework, this is an ideal Unit Standard to complete now.

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