Draft Code consultation meetings in full swing

One possibility raised here was that there may be a bit more breathing space given to achieve compliance with the education standards.  If the education system for financial advisers cannot cope with training and assessment requirements before December then some parts of the Code may be delayed until next year.

Advisers wanting to become Authorised Financial Advisers (AFA's) under the Financial Advisers Act 2008 have to either graduate with a National Certificate in Financial Services (Financial Advice) (Level 5) or achieve the equivalent educational outcome by December.

At the consultation meeting in Tauranga, attended by around 25 advisers, Code Committee chairman Ross Butler said the Committee will have to wait and see whether that is a feasible target or not.

"We'll have a good indication by September/October and if the system cannot cope with training and assessment requirements, then most of the code will be activated but it might say those parts that can't be coped with we'll turn on sometime next year".