The committee made the statement in its discussion document on competence, knowledge and skills for AFAs, released today, and said it might look at changing the alternatives to attaining the National Certificate in Financial Services level 5.

"It is likely that the minimum standards of competence, knowledge and skills may be raised or broadened in the future," the document said.

The committee said it recognises many advisers have been in the industry for a long time and that they may be able to demonstrate their competence without purchasing training.

"Whether a financial adviser requires training to meet the requirements of a proposed unit standard would depend on his or her level of experience, prior learning, and competence," the document said.

The document also puts forward a raft of alternatives to the National Certificate.

The committee is asking for submissions on:

• whether the standards are appropriate
• whether the division between AFAs who can provide unrestricted services and those who can only provide services to wholesalers is appropriate
• whether there should be groups of advisers who should excluded from having to complete the competency requirements
• whether the proposed alternatives to the National Certificate are appropriate
• how "wholesale" financial service provider should be defined
• any commentary around the practicalities for achieving the minimum standards and what an appropriate timeframe would be.

The paper does not cover requirements for advisers who are regulated offshore and want to offer services in New Zealand. The committee is discussing the matter with the Securities Commission on the issue, and invites any feedback on the matter.

The committee threw its weight behind a centrally administered assessment system operated by ETITO, the multi-industry training organisation, to assess financial advisers. The ETITO will work with the New Zealand Qualifications Authority to implement the necessary changes to the system governing education standards, and the committee supported implementing a moratorium on training provider accreditation until the standards are in place.

The entire discussion document can be found here.