NZ’s first national qualification for the financial services sector is likely to be recognised in Australia.

The NZ Government announced on Friday that the NZ Qualification Authority (NZQA) has approved the “level four” qualification.

Commerce Minister Lianne Dalziel says the National Certificate in Financial Services is an important step in improving the competence, accountability and disclosure requirements of financial advisers.

“These qualifications are being designed to have equivalence to the Australian financial services national certificates, and Australia has an agreement with NZQA that allows mutual recognition of each country’s qualifications,” she said.

NZ’s industry training organisation Etito is developing training and assessment systems to enable financial advisers to take on the new certificate from next year.

In a speech on Friday to the Institute of Financial Advisers, Ms Dalziel said the Government is also working on a proposal to require Securities Commission authorisation of professionals who provide advice on complex securities, investment and savings planning services or investment broking services.

Outside of that arrangement, providers of advice on general insurance, credit or simple securities will continue to face separate obligations under the Financial Service Providers (Registration and Dispute Resolution) Bill.