Financial Advice New Zealand has hailed the new industry code as a “defining moment in the evolution of our profession”.  

The code, which takes effect in November, updates nine standards, including changes around informed consent and recognition of version three of the NZ Certificate in Financial Services. There is also “a more principles-based approach” to continuing professional development. Financial advisers will be required to plan and complete yearly learning activities to show continual growth in industry knowledge.  

Financial Advice New Zealand CEO Nick Hakes says it is a “pragmatic and future-focused update to the code”.  

“It strikes the right balance – honouring the expertise of current advisers, establishing a clear pathway for new entrants and reinforcing public trust in the profession,” he said.  

Mr Hakes has welcomed the shift to “continually develop” adviser skills rather than “maintain” them.

“This subtle yet powerful change places lifelong learning at the heart of professional advice. It’s not just about meeting minimum standards – it’s about embracing a mindset of continuous growth and relevance.”

He has also praised the code committee’s efforts to explicitly recognise professional bodies in delivering professional development opportunities.  

“Those who belong to a professional body have already made a commitment to higher standards,” Mr Hakes said. “We want to see that trend continue – with more advisers joining their professional association and engaging in CPD that goes beyond compliance and into capability.”  

The peak body says the new code is “setting the floor” for industry and members must now “raise the ceiling”.