Standard Set C FAQs
How do I know if I have to do Standard Set C to be authorised ?
The Code of Professional Conduct sets out who needs to complete this Standard for authorisation.
All advisers wishing to be authorised NEED to complete Standard Set C. The ONLY competence alternatives are for the following:
- Associate Chartered Accountant
- Chartered Accountant
- Certified Financial Planner
- CFA Charterholder
- Chartered Life Underwriter
- NZX Advisor
- Advisers who have obtained a Certificate in Financial Services from Adviserlink Learning Limited prior to 1 January 2010.
For a copy of the Code or further clarification about this question you can visit the Financial Markets Authority website or you phone the FMA on 0800 434 567.
What do I do if my qualifications are not recognised as alternatives to Standard Set C within the National Certificate in Financial Services Financial Advice [Level 5]?
If your qualifications are not on the competence alternatives list, you will have to achieve Standard Set C to complete the requirements of authorisation.
What is Standard Set C?
Standard Set C is the unit standard for advisers about professional practice: applying the six step advice process and complying with legislation.
Advisers need to submit a portfolio of evidence to demonstrate their current practice. This evidence is evaluated by an assessor and will form the basis for an assessment discussion between the adviser and assessor. This portfolio review and discussion is conducted by an ETITO assessor or an assessor at one of the Delegated Assessment Organisations. Delegated Assessment Organisations include financial institutions, training providers and professional associations. You can find a list of DAOs here
How much will it cost me for the assessment?
It costs $950 [plus GST] to be assessed by ETITO. Delegated Assessment Organisations costs will vary. They will be able to advise what their costs are.
What happens if I am not authorised by 1 July 2011?
Advisers who do not satisfy the requirements of the licensing regime will not be able to practice as authorised advisers until they do so.
Where can I get training for Standard Set C?
There are accredited training providers who can assist you with training for Standard Set C. Some of these are Delegated Assessment Organisations which will also be able to provide the actual assessment. For a list of accredited training providers please click here
What do I do if I wanted to be assessed for Standard Set C by ETITO?
There are four steps to the process.
Step 1 – Register your details with ETITO
If you have not done so already go to the ETITO website for financial advisers and follow the links to register your details with us. Click here
Step 2 – Book your Standard Set C assessment
Once you are registered on the ETITO booking and registration site for financial advisers you will be able to book assessments for any of the Standard Sets that make up the National Certificate in Financial Services [Financial Advice] [Level 5] including Standard Set C. We recommend you download the Candidate Handbook for further details about the assessment process.
Login to your account and click “Book Assessment” on the left hand side then follow the screen prompts. Note that you will have to complete your profile online before you can make a booking.
Step 3 – Start uploading your workplace documents
Through the site you will be able to upload the documents that you will be assessed on. The candidate pack for Standard Set C will act as a guide to what documents are required. This candidate pack will also include forms that you will have to fill in and upload as well.
What information do I need to supply for my workplace assessment? Some examples of the types of documents you will be required to supply for each client are:
- signed disclosure statements
- fact find / needs analysis
- written recommendations / statements of advice / financial plans and other documents based on how you document your application of the advice process appropriately.
Again if you have any difficulties or any questions about any of these steps please contact the ETITO helpdesk on 04 931 0007.
What is an [e] Portfolio?
The [e] portfolio is the evidence you use to demonstrate your competence against the evidence requirements in the unit standards. They will be existing documents from your business.
Details about what to include in your portfolio, and how to upload it into your ETITO account are itemised in the candidate pack you will access upon booking for the workplace assessment.
The candidate pack outlines what evidence you need to compile for your [e] portfolio of evidence and submit to the assessor in order to demonstrate your competence in applying professional practice in your day-to-day work as a financial adviser.
Read the unit standards, read the candidate pack, and select evidence that shows your competence. There is a personal profile describing you, verifications by those that have seen your work, a declaration by you, information relating to your work with three clients, and some supplementary questions.
Step 4 – Submit your evidence
Once you have uploaded all your documents you can then click the submit button. An ETITO assessor will be automatically allocated to you. This assessor will be in touch with you by phone to organise a time to have a telephone interview during which they will discuss the evidence that you have provided.
What is a competency discussion?
The purpose of the competency discussion component of the assessment is to capture further evidence needed to complete your overall assessment. This discussion, which is fully recorded, takes place between you and the assessor at a mutually agreed time. It isn’t necessary for this to be a face-to-face discussion and may be conducted via a telephone discussion.
The assessor will also be contacting your referees / verifiers and this will also be recorded. Please ensure your referees / verifiers are aware of this.
Will the information I provide for my assessment be secure?
The principals of the Privacy Act 1993 apply, and the security and privacy of client information is assured. This is covered in the candidate handbook, which can be acquired upon registration.
How and when do I know the results?
You can find out your results by logging in to your ETITO account. Click on ‘My Workplace Assessments’ and you will find the assessment report. If you are unhappy with the results, you have the option of submitting an appeal within one calendar month of receiving the results. The fee for an appeal is $350 + GST. If your appeal is successful the fee will be refunded in full.
After successfully completing the ETITO assessment requirements, what happens?
ETITO will forward the results to the New Zealand Qualifications Authority and to the Financial Markets Authority. Financial advisers will need to contact the Financial Markets Authority to ensure they complete the other steps required for authorisation.
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