Roadshows were held around the country after the group released its initial proposals for the code.

Data provided by the code secretariat showed there were 805 registrations. Authorised financial advisers (AFAs) were 246 of that number, registered financial advisers (RFAs) 267 and QFE advisers 54.

There are about 6400 RFAs in New Zealand.

But Angus Dale-Jones, chairman of the working group, was not concerned about that turnout.

He said overall attendance numbers had been good. Ten per cent of all AFAs had attended, even though there is little change suggested to the way the code applies to AFAs.

He said many RFAs were reported through a larger business, or, to a lesser extent, their professional association. “We are hearing lots of view from an RFA perspective but not necessarily from individual RFAs only.”

The number that had turned out was a “good start”, he said.

The working group’s focus was now on asking people to put in a submission, he said. It wanted as many RFAs as possible to make their views heard.

The group wanted industry feedback on how it could develop pathways for RFAs into the new regime. Audience feedback from the roadshows had covered topics such as recognition of prior learning but more consultation was needed, he said. “We want to listen and hear ideas.”

He said most people were supportive of the idea of a two-tier competence requirement for newcomers but there were still questions about how existing advisers should be treated.

The group is proposing a level five qualification for product advice and a degree – and above – for financial planning.

Fred Dodds, chief executive of the Institute of Financial Advisers, said it would be wrong to criticise RFA turnout.

“RFAs are faced with not only the CWG code changes but also the other issues of licencing and disclosure requirements. Add to that the code issues of financial adviser or nominated representative, aggregation, product advice and planning and they are no doubt confused and therefore hope that the third bullet point on page 47 of the discussion document: ‘We ask how RFA experience could be recognised in a measurable, quantifiable way’ will be picked up by their adviser associations and dealer groups to provide some answers. That will be Financial Advice NZ’s focus for our RFA members and RFAs in general. “