The Code of Professional Conduct for Financial Advice Services has been updated and approved by the Minister of Commerce and Consumer Affairs, with the changes taking effect on 1 November 2025. These updates set new expectations for advisers and FAPs. Here’s what’s changing and what it means for you. 

1. Qualification requirements 

• The New Zealand Certificate in Financial Services (Level 5) (Version 3) is now recognised (alongside Version 2) as the minimum standard of competence, knowledge, and skill for anyone wanting to become a financial adviser. 

2. Investment planning standard 

• The Level 5 outcomes remain the minimum requirement for designing an investment plan. 

• The “interim” status of Code Standard 7 has been removed. 

• The revised Code notes that, in some advice situations, advisers may need competence beyond the minimum standards to ensure financial advice is suitable. 

• Financial Advice New Zealand will shortly recommend a solution to help advisers meet this expectation. 

3. Continuing Professional Development (CPD) 

• Code Standard 9 has been updated: instead of “maintain” your competence, you must now “continually develop” it. 

• The commentary has been expanded to include both structured learning (such as courses or workshops) and informal learning (such as industry reading or peer discussions). 

• Strategi Institute is preparing support resources, including new CPD modules, a CPD handbook, and a revamped Radar (online education platform). These will all be available in November, making it easier to create professional development plans and complete CPD requirements. 

Next steps for FAPs and advisers 

• Check your qualifications and ensure they align with the recognised versions of Level 5. 

• Review your professional development plan and make sure it reflects the new requirement to continually develop your skills. 

• Watch for upcoming guidance from Financial Advice NZ on advice situations where competence beyond Level 5 may be required. 

• Look out for Strategi’s new CPD tools and resources launching in November. 

You can read the full Code on the Financial Advice Code Committee’s website here. Please give us a call if you have any questions or want to talk through what these changes mean for you.