While details are yet to be confirmed by the new code of conduct, it is likely that a level five certificate in financial services will be the minimum standard required for new financial advisers, and those who have not previously been authorised, when the Financial Services Legislation Amendment Bill comes into force.

The scholarship programme, run by the TripleA Advisers Association, in partnership with Strategi, will make funding available for advisers to complete the certificate, to lower the cost to $765. That’s compared to $2000 to $3000 elsewhere.

“The TripleA has always believed that having trained, professional advisers that provide high quality advice to their clients is critical for the future success of our industry,” says TripleA chief executive Wayne Smith.

“While the exact shape of looming changes to the educational and qualification requirements isn’t yet 100% clear, what is clear is that the greatest impact will fall on RFAs over the coming one or two years.

“It will be important that these RFAs are supported through the transition period to encourage them to stay in the industry.”

Application criteria include that the applicant must be currently registered on the Financial Service Providers Register, and priority will be given initially to RFAs working in the investment and risk areas.

“We are always on the lookout for services that we can offer members,” Smith said.

He said it was something that had been in the works for about a year but, with the progress of FSLAB, it seemed the right time to take action.

About 50 per cent of the association’s members are RFAs and he said it seemed that there should be something done to help them transition to the new regime.

The programme is also open to non-members.

“RFAs have a decision they are going to have to make now the scope of the legislation is firming up.”

While some might opt to be nominated representatives working for financial advice providers, with fewer requirements, many would want to be financial advisers, with the obligations that came with that, under the new regime, he said.

Many RFAs were qualified, or nearly, but had not gone through with authorisation because they did not want the administrative burden that came with it.

Smith said it was not clear how many people might take up the offer.  It was primarily pitched at insurance and investment advisers.