The National Certificate in Financial Services Level 5, developed by ETITO, is currently the minimum qualification for those wanting to become Authorised Financial Advisers.

However, ETITO is canvassing the industry as to whether this is the appropriate standard, or whether the bar needs to be raised.

Its Financial Services Professional Development survey asked respondents to rate on an eight-point scale how strongly they agreed with certain statements, including "There is a need for a higher level (than Level 5) as the minimum standard for the AFA designation."

It also asked respondents to rate the statements that Level 5 "is pitched at the appropriate level expected of a minimum qualification for AFAs" and that it "should be minimum qualification for both RFAs and AFAs."

The survey asked respondents what type of adviser they were, what standard sets of the National Certificate of Financial Services (Level 5) they had completed, how worthwhile they were and who paid for the training.

Another question involved the business relationship between ETITO and the Financial Markets Authority, with respondents being whether they perceived "ETITO is part of the FMA" or "ETITO is totally independent of the FMA."

Michael Frampton, ETITO manager - strategy and corporate relations, has previously warned that the minimum of 20 hours continuing professional development prescribed by the Code of Conduct for AFAs wouldn't be enough for many advisers.

Frampton couldn't be reached for comment yesterday.

An adviser Good Returns spoke to was bemused by the tone of the questions around whether the minimum standard should be increased, saying ETITO would stand to benefit from such a change.

"It's a bit like asking, ‘do you still beat your wife?'  If you answer yes they say ‘why?' and if you answer no they say ‘why not?'"