It seems we're heading in the opposite direction with the admin crap that's crossed my desk in the last couple of months.

From Fidelity Life's attestation process that asked me to confirm what was already on my email signature four times!

Seriously?

To the latest one from AIA that has me shaking my head.

AIA requests uploading your Level 5 qualifications by the end of March 2024.

I also understand where there are larger businesses with a reasonable staff turnover, things can be very much like herding cats. But that's more the exception than the rule with most advice businesses.

But hang on a minute; managing qualifications and registration is the FMA and FSPR's job? They are the gatekeepers to be able to provide regulated financial advice.

The provider needs to satisfy themselves that the adviser can give advice. The provider's role is not to police the adviser being able to do that; that's the FMA's role.

To be fair, all of the others have asked about qualifications, too. But that has been do you have it; yes or no? And primarily by email, email it back, and they manage it.

So, what do we have to do to give regulated financial advice?

The basic requirements advisers have to have are:
* Be registered on the FSPR.
* Have a Disputes Resolution Scheme provider.
* Hold and maintain a suitable qualification as per the Financial Services Code.
* Operate under a Financial Advice Provider License (FAP).

Which all sit under the FMA's purview and are registered and managed on the FSPR by MBIE.

AIA is a bit different with their qualifications request, and I have provided feedback on it because it clearly has not been tested by anyone with the actual qualifications.

In my laugh-otherwise-you-cry approach to things for transparency, I merrily ran around their system and uploaded my RG146 Aussie qualification from 2010, which is acceptable learning for the code if you have done the appropriate CPD.
* I have done the CPD here all over Good Returns, and I've done a thing called Level 5 Life & Health on top.
* My Aussie qualification is valid under the current code.

That's what I have gone with. I didn't tell AIA about the CPD in the system submission; I want to see what they do with it after receiving different qualification responses.

AIA, BTW, a couple of paragraphs up, yeah, that. The CPD needed for it to be relevant and current ;)

I have to joke about this because it is bloody painful!

First, and AIA will likely have fixed this by the time you read this or attempt to meet their requirements, this is to highlight the level of crap those of us that are early adopters have to deal with and to help those that have their heads down and are wondering WTF is this about?

AIA, bless their hearts, used their Learning and Development platform for this. Which is a good thing; everyone has records and transparency.

The problem?

They made every option in the upload your qualifications module mandatory to get through it, as in every section asking for every qualification option.

Maybe test it next time AIA?

All jokes aside, there is an additional bit to this and one that we need to be mindful of.

While this is a case of AIA doing its bit about proving to the FMA that they have done the appropriate, over-the-top, due diligence, it opens the door to several challenges that AIA are potentially stepping over the line on which I'll bore you with in the next one ;)