Use Competency Equivalence to Meet the Code Requirements
Our Solution ...
Is Competency Equivalence right for my business?
If you already have training and systems in place and you are taking on new financial advisers and/or nominated representatives, a Compliance Equivalency solution may be a more efficient and cost-effective means for meeting your obligations under Code Standards 6 - 8.
Competency Equivalence is ideal for fast-growing teams of financial advisers/nominated representatives. Competency Equivalence enables you to use your internal training to evidence that staff have the requisite competence and skills to provide financial advice, within the defined parameters of your business activities.
How does Competency Equivalence work?
We compare your internal learning framework and evidence of applied learning to the outcomes of the core knowledge module and relevant strand(s) of the NZCFSL5 V2. We identify any gaps and you can either develop further learning and assessment activities to fill those gaps, or we can provide the additional content and training you need.
Staff who have completed your approved internal training curriculum can act as financial advisers, even without achieving the level 5 certificate. This is because you can demonstrate that they have the equivalent competencies under the option in the Code to ‘demonstrate competence, knowledge, and skill by reference to an alternative qualification or experience.’
What Competency Equivalence is Not
Competency Equivalence is not the same as attaining the New Zealand Certificate in Financial Services L5. It only applies to staff who have completed the approved learning curriculum and are working within your FAP. The completed training is not transferrable to another FAP.
With a certificate of Competency Equivalence from Professional IQ, the obligation is on you to ensure that the training approved is completed by, and understood by your staff.
How long does this take?
This depends on how close you are to having in place the learning and assessment required to attain competency equivalence. Most of our clients are very close to having all the requirements in place already, so the whole process for certification can take as little as 4 weeks. However, if there are significant gaps in your existing learning program, creating additional content that fits with existing training means that the certification process may take longer.
Pricing is variable based on the quantity of learning material, and the advice process systems, the FAP already has in place.
Contact Tim Larkin at
firstname.lastname@example.org for more information.