A few changes which more closely align the qualification to the Code of Professional Conduct for Financial Services have been made as part of the review of the New Zealand Certificate of Financial Services (NZCFS). 

NZQA has now approved Version 3 of the NZCFS following the review facilitated by Ringa Hora Services Workforce Development Council of the qualification as required every five years. 

The working group that helped put Version 3 together included industry representatives from banks and insurance companies and several education providers. All gave their time to advise on and guide the final recommended changes to the qualification. 

Ringa Hora Qualification Development Facilitator Sandy Chan says that overall the changes made were a tweaking rather than a major change. 

Among the changes made to Version 2 were: 

• Closer alignment to the wording in the Code of Professional Conduct for Financial Advice Services in the certificate’s Strategic Purpose Statement, Graduate Profile Outcomes, and in General Conditions for Programmes  

• Context added to some graduate profile outcomes to better reflect the conditions under which graduates will perform the outcome  

• An update of evidence requirements for assuring consistency  

• The removal of Education Pathway, the New Zealand Certificate in Financial Services (Level 4) with strands in Banking, Family/Personal Budgeting, and Insurance, as this qualification is discontinued.  

Version 3 also sees credit weightings rounded to the nearest five, an update to General Conditions for Programme, inclusion of Programme Endorsement considerations, and an update to some additional transition information to include Standard Setting Body details.  

The Financial Advice Code Committee has recommended this version be recognised by the code, noting that those who already meet existing requirements do not need to update their qualification. 

“The committee is satisfied that, for the code’s purposes, the qualification outcomes of Version 3 are materially similar to Version 2,” the committee says in its recommendation. 

“Under this proposal, future candidates for the Level 5 certificate can be assured that achieving the relevant qualification outcomes of Version 3 is a valid way of demonstrating the minimum standards of competence, knowledge, and skill.” 

With the qualification completed, Ringa Hora and its industry and education partners are working on the standards, the building blocks of the qualification. Among the task will be to move from unit standards to skill standards as per NZQA instruction.