For many years, it had been a contentious issue as the number of people completing the CLU qualification was low. There are only about 50 advisers with CLU in New Zealand.

But now, after negotiations with Financial Advice New Zealand, the qualification will return for 2019 if there are enough expressions of interest received.

The CLU mark is the pinnacle standard for insurance advisers, on a level similar to the CFP for investment advisers and financial planners.

But former Institute of Financial Advisers chief executive Fred Dodds questioned whether there would be demand.

“Most would have to go and do a level five diploma first. It’s never really been an aspiration that’s been chased by risk advisers."

Most of the people who had achieved CLU had done so under a different regime, he said.

“It’s fine to reintroduce the papers but it’s enrolments that will tell the story.”

He said at the moment the 4000 RFAs who needed to do level five would be focused on doing so before the new regime came into effect, requiring a diploma for all financial advisers. “That will occupy the mind for the next couple of years.”

Financial Advice New Zealand is also launching a Quality Service Mark for its members and Dodds said many advisers might prefer that as the option to set them apart and highlight their professionalism.

“I think it’s great to have the qualification there but at the moment I think getting to level five and through licensing will occupy people’s minds and you have the quality service mark coming out in the middle.  If people are choosing between CLU and the quality service mark, they might go for the quality service mark.”

But Rod Severn, incoming chief executive of ProfessionalIQ said it was a good move. He said there seemed to be latent demand for the qualification.

Adviser Peter Leitch said he admired anyone doing continuing education “irrespective of what it is – either within the industry, or outside of it”.

Massey stopped offering CLU papers in 2015.