NIBA will pay its members’ Financial Services Reform Act competency assessments – a $1 million commitment that is believed to be unprecedented.

The massive payout to members will allow them to make the transition to the new licensing regime without impacting on their own costs, NIBA President David Harris said. The deal will apply to all QPIBs current at December 31, 2001, and includes all principal members required to obtain a full industry qualification for licensee compliance. “Even those who have already paid for and completed their assessments will get a full refund,” he said.

Mr Harris said “the time is right” to maximise the association’s cash reserves to benefit members. A financial return is seen as the best way to reward loyal and conscientious members.

“We’ll be implementing assessment centres around the country over the next 12 months,” Mr Harris said. “And if you go through NIBA, it won’t cost a cent.”