Draft code “exciting” for mortgage advisers: Shanks
The Code Working Group detailed its long-awaited plans for the new code last week. The main takeaway for mortgage advisers concerns qualifications. Financial advisers will need a level 5 certificate to meet requirements of the new code.
RFAs do not currently have a minimum qualification requirement. According to this year’s TMM Annual Adviser Survey, about 83% of mortgage advisers are RFAs.
According to the TMM Annual Survey, about 12% of the adviser industry are AFAs, and are already bound by similar requirements. Individuals can demonstrate compliance with the new regime by becoming AFAs before the new code commences.
Katrina Shanks, CEO of industry trade body Financial Advice New Zealand, downplayed any concerns about the new qualification requirements. She said advisers without a Level 5 qualification had two years to achieve one as the industry transitions to the new regime.
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