The committee agreed to use National Qualifications Framework level 5 as its "baseline" standard, but has yet to finalise what other competence requirements will be added.

"The Committee will decide which applicants should be assessed against this baseline standard and what further competence requirements in addition to Level 5 might be imposed on them with the detail to be confirmed as part of the Committee's ongoing work plan," Code Committee chairman Ross Butler says.

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 committee is committed to a contestable market for training provision in the financial services industry," said Butler in a statement. ETITO will shortly commence discussions with training providers who have an interest in delivering courses" for advisers, he said.

The Code Committee was named last month and will draft a code of conduct setting out minimum standards of competence for authorised advisers. The code is expected to come into effect late next year when the Financial Advisers Act is implemented.

The qualifications framework will be introduced incrementally with full implementation in several years.