The Institute of Financial Advisers (IFA) has announced the appointment of Nigel Tate as president from July 1, replacing Lyn McMorran who is stepping down after two years in the job.

IFA chairman Phillip Meyer said Mr Tate is a highly regarded adviser based in Hamilton with extensive experience in all core aspects of financial planning.

He served as Waikato IFA branch chairman from 2005 to 2007, chaired a review of the IFA Code of Ethics and Practice Standards in 2006, and was an IFA board member from 2006 to 2008.

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.

The government has proposed technical amendments to the Financial Advisers Act and the Financial Service Providers Act 2008 in response to concerns from the industry.

The two laws form the major part of new financial adviser regulations that are scheduled to come into force by the end of next year.

Under the new rules anyone giving investment advice will need to be registered, unless operating under the ‘umbrella’ of a Qualifying Financial Entity (QFE).

The Institute of Financial Advisers wants its members to get automatic recognition under new rules that will mean all advisers must be authorised.

The IFA submitted to the Securities Commission that full members who have met all their professional development requirements should not need to sit further assessment.

IFA members were likely to meet or exceed the minimum standard for Authorised Financial Advisers, the IFA said.

IFA president Lyn McMorran said the initial authorisation process should target advisers who were not members of professional associations.