The IFA says business ethics training is important even though it's not a requirement for becoming an authorised financial adviser.

ANZ-owned fund manager OnePath (formerly ING) has inked a partnership deal with the Institute of Financial Advisers.

The partnership will offer professional development services to IFA members, helping meet the requirements under the new financial adviser regulations.

Financial advisers should have a minimum of one year’s practical experience before they can become authorised, according to the Institute of Financial Advisers.

It has made the recommendation in its submission to the Code Committee, which is responsible for deciding the minimum standards for authorised financial advisers under the new regulations coming into force next year.

The current proposal is to require authorised advisers to hold a qualification equivalent to the Level 5 National Certificate in Financial Advice.