New Zealand Adviser Compliance

ANZIIF PATHWAY TO COMPLIANCE FOR NEW ZEALAND INSURANCE BROKERS


ANZIIF will offer a number of compliance pathways for brokers based upon their experience and qualifications. Regardless of the chosen pathway, all brokers will also need to complete a new code overview to be compliant with the changes made to the final code. The final code will be released to brokers by Q4, 2019.

The ‘ANZIIF New Zealand Compliance for Advisers (General Insurance Broking)’ is currently being constructed. It will meet the required learning outcomes of the Code, which the New Zealand Level 5 Compliance learning outcomes are also aligned to.

To obtain compliance through ANZIIF, you have one of four possible pathways.

  1. If you have an ANZIIF broking qualification attained since 30 June 2016, you’ll just need to complete ANZIIF’s new ‘financial advice code overview’.

  2. If you have an ANZIIF broking qualification attained prior to 30 June 2016 and have continued to work as an insurance broker since that time, then you will need to submit a verification completed by a manager, along with examples of professional development activities undertaken. In addition to this, you will also need to complete ANZIIF’s new ‘financial advice code overview’.

  3. If you do not have a qualification, but have over 5 years’ experience working as an insurance broker, then you may wish to apply for Recognition of Prior Learning (RPL). ANZIIF has extensive experience in assessing people via RPL and works with individuals to assist them in preparing for the assessments, which are a portfolio of experience and an interview conducted by ANZIIF. In addition to RPL, you will also need to complete ANZIIF’s new ‘financial advice code overview’.

  4. If you do not have a qualification and have less than 5 years’ experience (or simply do not wish to undertake RPL), then you can undertake studies to attain the ‘ANZIIF New Zealand Compliance for Advisers (General Insurance Broking)’. Compliance is completed via ANZIIF’s Skills Units, which are interactive, explorative learning and delivered online at a time of your choosing.

    "The released code does permit an equivalent of the New Zealand Certificate in Financial Services (Level 5) version 2, and ANZIIF is currently working with the Financial Markets Authority (FMA) to ensure ANZIIF's qualification is recognised as being of equivalence."




FAQ


Is the ‘ANZIIF New Zealand Compliance for Advisers' (General Insurance Broking)’ equivalent to NZQA Level 5?

As a licensed provider, ANZIIF’s proposed compliance solution constructed specifically for NZ Brokers, will be its ‘ANZIIF New Zealand Compliance for Advisers' (General Insurance Broking). It will provide the equivalent outcomes at the standard that is level 5 per the current draft code.

Is the ‘ANZIIF New Zealand Compliance for Advisers' (General Insurance Broking)’ available to undertake now?

ANZIIF is currently working with the Finanical Markets Authority (FMA) to ensure ANZIIF's qualification is recognised as being of equivalent to the Certificate in Financial Services (Level 5) version 2. Once this process is completed, ANZIIF's qualification will become available.


What’s the cost of the ‘ANZIIF New Zealand Compliance for Advisers' (General Insurance Broking)’?

ANZIIF will release the cost of the 'ANZIIF New Zealand Compliance for Advisers' (General Insurance Broking) once the process with FMA has been completed. We understand that the compliance process can often be costly. ANZIIF is a non for profit organisation and we are looking to deliver the most affordable service available when making the transition to the new regime. 


How long will the course take to complete?

Each skills unit can take up to 5-7 weeks however professionals can complete the certificate in 2-3 months depending on their learning style.

How is ANZIIF different to other education and training providers?

ANZIIF learning pathways deliver highly engaging and interactive learning at the level 5 requirement. Becoming an ANZIIF member also opens the door to hundreds of premium articles videos and learning materials from experienced Insurance professionals. Our learning modules are flexible and tailored to the brokers needs. Our education team work hard to put together case studies and interactive scenarios that emulate real life situations and challenges faced in your professional environment.