The good news is that if you have already passed the exam, then you do not need to re-sit. However, you DO NEED to be aware of these changes and their impact in order to meet your ongoing obligations and ensure compliance with Code Standards 15 and 18.
If you are an RFA then you also need to be aware of these changes as they directly impact upon the way you operate.
Strategi Institute’s Standard Set B Handbook, A Reference Guide to Key Legislation and Code of Professional Conduct (Edition 2), anticipated many of the changes. However, there are some new key areas you need to know about:
New legislation
- Financial Markets Authority Act 2011.
- Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Regulations 2011.
- Financial Service Providers (Exemptions) Regulations 2010.
- Amendment to Financial Advisers Disclosure Regulations 2010.
New areas of core knowledge
- The function of the Financial Markets Authority.
- The role and responsibilities of the Financial Markets Authority relating to the resolution of complaints
Strategi has prepared a guide to assist advisers to understand the new areas of core knowledge that are required (download link below). This guide should be read in conjunction with Strategi Institute’s Standard Set B Handbook (Edition 2), as it also identifies areas in which the Handbook should be altered to reflect the new Unit Standard prescription.
See below to download a free copy of our guide.
Note: Strategi will not be issuing a new edition of the Handbook until several additional pieces of legislation due to be enacted, have come into effect. We will keep you up to date with this legislation as it progresses.
Please don't hesitate to contact us if you have any queries.
