If you’re a general insurance broker in New Zealand feeling anxious about the hoops you might have to jump through to comply with the latest round of regulation, you can breathe a sigh of relief.
Every walk of life
Over the last 18 months, ANZIIF has created a way for brokers from every walk of life to demonstrate the standards required for Code of Professional Conduct for Financial Advice Services, which comes into effect from 15 March 2021.
Delivered locally through Skills Org, ANZIIF’s New Zealand Compliance for Advisers (General Insurance Broking) is equivalent to the New Zealand Certificate in Financial Services (Level 5) Version 2, the minimum standard brokers need to demonstrate the competence required for the code.
Recognition of prior learning
ANZIIF is the only certification provider to offer ‘recognition of prior learning’ or RPL, which once granted, is likely to reduce your study load, sometimes significantly.
‘If you have 10 years of experience, you’ve put in the work and rightly it should be recognised,’ says ANZIIF General Manager Professional Standards Luke Davies.
In addition, Davies says there many brokers in New Zealand who have studied with ANZIIF.
‘We wanted to make sure there was an appropriate choice for them so that they wouldn’t have to go back to square one,’ he says.
Holding out for RPL
ICIB’s Laura McNeil says her whole office was waiting for ANZIIF to release its RPL option, as it reduced their study time with only the main, core exams needing to be undertaken.
‘Most brokers are experienced, so it is a waste of their time to spend over a year gaining their Level 5 through other providers,’ she says.
How the ANZIIF compliance package works:
- Bridging unit
All brokers in New Zealand who undertake compliance certification with ANZIIF must undertake the ‘Bridging Unit’ as it deals with the new legislation, regulation and code.
‘The Bridging unit closes any gaps introduced by the new legislation that wouldn’t have been covered in your prior studies with ANZIIF,’ Luke Davies explains.
After this, there are three options, or ‘pathways’ open to brokers who need to fulfil their Level 5 requirements, and in many cases, pathways can be combined.
Regardless of the pathway you choose, you don’t have to be a member to study with ANZIIF.
- Pathway 1— ANZIIF graduates
Pathway 1 is the best choice for brokers who have already completed a Diploma of General Insurance (Broking) with ANZIIF.
If you hold this qualification, Skills Org will recognise it and adjust your study requirements accordingly.
- Pathway 2—RPL
Pathway 2, recognition of prior learning (RPL) is the best choice for brokers who never quite had time for study but are great at their job.
RPL is a guided and structured process ANZIIF takes you through to collect and document a portfolio of your skills and experience.
‘ANZIIF has been delivering RPL as a valid form of assessment for 20 years, so we are very experienced,’ Davies says.
- Pathway 3— Industry newbies
Pathway 3 is the best choice for those brokers that are relatively new to the industry and haven’t yet completed a Diploma of Insurance (Broking)
For this option, four online Skills Units are required to be completed in total, plus the bridging unit.
Skills Units—building a qualification
Skills Units are designed specifically for people who work full time. They each take about 20 hours all up, which might equate to about four or five nights a week.
Delivered online in five to seven-week chunks, the specific Skills Units you choose work together as a whole to give you the qualification you require. Think of them as inter-changeable building blocks.
Crombie Lockwood’s Paul Mackay says it was easy to sit the online assessment.
‘ANZIIF’s option was a viable alternative to going through the full Level 5 certification with another provider. It will allow me to continue to practice as a broker under the new FSLAA regime.’