Financial adviser consulting service Strategi has noted it is likely that the Financial Advisers Act legislative review will signal additional education requirements for RFAs.
This could mean that RFAs will be required to meet the minimum education standards of AFAs in the future.
The Financial Advisers Act (2008) now under review was introduced in 2011, making advisers more accountable for the advice they give and splitting advisers into three types: registered Financial Advisers (RFAs; Authorised Financial Advisers and those working for Qualifying Financial Entities.
NZ Adviser previously reported that The Institute of Finance Professionals New Zealand had put forward a number of steps to clear confusion including amending the Acts to prohibit the term RFA and for the Ministry of Business, Innovation and Employment and the Financial Markets Authority
to swap the term RFA for an alternative such as non-authorised financial adviser.
NZ Adviser would like to hear your thoughts on whether the terms should change, stay or go. Have your say in our online poll
now or go in-depth in the forum!