Thursday 3rd of March 2011

I'm getting feedback as I travel the country that many advisers are waiting to lodge their AFA application until they’ve completed their competency assessment. But you don’t need to wait. By lodging your application as soon as you can (remember the 31 March deadline), Commission staff can start processing it in parallel to your remaining studies - and so save time. Also, with just four months to go until 1 July I'm getting a bit concerned by the number of enquiries we're still getting about alternative qualifications.  For New Zealand advisers, I'm afraid the time for this type of uncertainty has passed. The Code Committee consulted extensively last year and received many submissions on alternative competence pathways. It would therefore be unlikely that a current New Zealand qualification or designation wasn't considered during this process. Yes there is an exemption option via the Securities Commission but an exemption application takes both time and money and must meet the statutory criteria.  It's important to manage advisers' expectations by saying that, in considering an exemption application, the Commission will not revisit decisions already made by the Code Committee or grant an exemption that conflicts with the spirit of the Code. If you need to be authorised by 1 July and you still have competency assessments to complete, my advice is to bite the bullet and book them asap.  And build in time in case any re-sits are needed. Mel Hewitson