New code compliance offering for NZ brokers

New code compliance offering for NZ brokers | Insurance Business

New code compliance offering for NZ brokers

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has released a proposed compliance solution created to specifically support New Zealand brokers.

The ANZIIF New Zealand certificate for advisers (general insurance broking), includes several considered pathways for general insurance brokers, tailored to individual circumstances. It aims to demonstrate an up-to-date understanding of the regulatory framework for financial advice – in line with The Financial Advice Draft Code October 2018. It will provide equivalent outcomes at level 5 standard as per the current draft code. ANZIIF said a process set is also in place to make sure brokers’ current qualifications and experience can still be recognised for prior learning. 

“ANZIIF understands that there may be a feeling of urgency to complete competency requirements now,” ANZIIF general manager, professional standards Luke Davies said. “We believe it is in brokers’ best interests to wait for details of the final code to be confirmed, as there may be amendments or additions to current training requirements that will need to be reflected in training materials.

“If brokers commit to, or complete their study prior to the finalisation of the code, they will be required to undertake additional study presenting both financial and productivity costs most would rather avoid,” he explained.

Read more: How should brokers be preparing for regulatory changes?

The most recently proposed timeframe from the Financial Markets Authority states that brokers will have at least two years and nine months to demonstrate compliance from the time the code and regulations are confirmed.

“As the insurance industry’s largest non-profit provider of insurance education, training and professional development, our goal is to provide brokers a credible and affordable option when making the transition to the new regime,” ANZIIF added.