New Zealand members of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) say they have been effectively cut out of the country’s qualifications framework following the institute’s decision not to be accredited by the New Zealand Qualifications Authority (NZQA).

The institute has also dropped its involvement in Level 4 and 5 national certificates, citing cost and “lack of a sustainable market”.

However, it says it “remains committed” to its New Zealand students and will monitor the market.

A newsletter sent to New Zealand members by ANZIIF GM Education and Knowledge Management Clim Pacheco says the institute has stopped offering the level 4 and 5 programs “as a result of the very low level of market interest expressed in the NZQA courses, and the significant cost of implementing changes and maintenance of the programs”.

The decision will be effective from March 29. Mr Pacheco says the institute will “continue to monitor the market and will revisit this issue once the qualification system has reached a more stable foundation and there is a sustainable market for the qualification”.

ANZIIF has confirmed it is no longer accredited by the NZQA, but says any students currently enrolled in an institute qualification in New Zealand will not be affected and will be able to complete their course.

The decision to stay outside the country’s qualifications system on the grounds of cost has angered some of ANZIIF’s New Zealand members.

One told insuranceNEWS.com.au that he pays a significant annual membership fee, “but they seem more fixated on expanding in Asia than working on their home turf”.

Another member says the institute has “left us high and dry in terms of the national framework. They’re meant to be a membership organisation but they’re ignoring that core value.”

insuranceNEWS.com.au understands ANZIIF has engaged in discussions with local financial services education group Strategi, which is accredited to the national qualifications system, to manage its courses in New Zealand.

The Insurance Brokers Association of New Zealand (IBANZ) has declined to comment on the situation, but CEO Gary Young says in a blog post on Friday that the decision to set up a fully NZQA-accredited college three years ago “has proven to be the right move”.

“Had we not created IBANZ College our members and others in general insurance would have been without a provider of education relevant to their sector of the market,” he says.

“Having a relevant education provider is… vital for any professional. Being able to provide ongoing seminars and workshops on current topics and having the ability to award qualifications on our national framework is essential to give a complete education service.”