NZQA Expiring unit standard
24757 version 2
Page 1 of 4
Title
Develop and maintain in-depth knowledge of products and/or
services in a financial services organisation
Level
4
Credits
5
Purpose
People credited with this unit standard are able to:
– demonstrate knowledge of the financial products and/or
services used by a financial services organisation;
– identify compliance implications of financial products and/or
services;
– determine the appropriate users for financial products
and/or services; and
– maintain financial product and/or service knowledge.
Classification
Financial Services > Financial Services - Professional Practice
Available grade
Achieved
Explanatory notes
1
This unit standard has been based on the Australian unit of competency
FNSICPRO401B, Develop and maintain in-depth knowledge of products and
services used by your organisation or sector available at http://ntis.gov.au. This is
supported and endorsed by the Australian standard setting body Innovation and
Business Services Australia and ETITO (ElectroTechnology Industry Training
Organisation).
2
Assessment against this unit standard may be on job, or off job in a simulated work
environment or a combination of these within the financial services industry context.
3
References
New Zealand Bill of Rights Act 1990;
Commerce Act 1986;
Companies Act 1993;
Consumer Guarantees Act 1993;
Credit Contracts and Consumer Finance Act 2003;
Electronic Transactions Act 2002;
Fair Trading Act 1986;
Financial Reporting Act 1993;
Financial Transactions Reporting Act 1996;
Health and Safety in Employment Act 1992;
Human Rights Act 1993;
Income Tax Act 2007;
KiwiSaver Act 2006;
NZ IFRS (New Zealand equivalent to International Financial Reporting Standards)
available from http://www.nzica.com;
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24757 version 2
Page 2 of 4
Privacy Act 1993;
Securities Act 1978;
Securities Markets Act 1988;
Superannuation Schemes Act 1989;
Trustee Act 1956;
Trustee Amendment Act 1988;
industry codes of practice;
and all subsequent amendments and replacements.
4
All activities must comply with any policies, procedures, and requirements of the
organisations involved; the standards of relevant professional bodies including codes
of ethics; and any relevant legislative and/or regulatory requirements.
5
Definition
Financial product and/or service – such as savings, investment, loans,
superannuation, insurance, banking, other financial products and/or services.
6
Range – all products and/or services relevant to the candidate’s role in a financial
services organisation.
Outcomes and evidence requirements
Outcome 1
Demonstrate knowledge of the financial products and/or services used by a financial
services organisation.
Evidence requirements
1.1
Financial products and/or services used by a financial organisation are
identified and the purpose of each described in accordance with organisational
requirements.
1.2
The characteristics of the financial products and/or services are identified and
their features, benefits, advantages and limitations explained and
communicated to customers in accordance with organisational requirements
and industry codes of practice.
Range
1.3
financial product and/or service characteristics may include but are
not limited to – interest rates, flexibility, time limits, fees,
transferability.
The organisation's promotional strategy for financial products and/or services is
accessed and applied in day-to-day business activities.
Range
promotional strategy may include but is not limited to – marketing
plans, promotional materials, strategic plans.
Outcome 2
Identify compliance implications of financial products and/or services and provide a
customer with information.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24757 version 2
Page 3 of 4
Evidence requirements
2.1
Compliance implications are identified and explained in accordance with
legislation and organisational requirements.
Range
2.2
may include but is not limited to – product disclosure statements,
industry code of practice requirements.
Customer is provided with all necessary information and documentation in
accordance with compliance requirements.
Outcome 3
Determine the appropriate users for financial products and/or services.
Evidence requirements
3.1
Each product described in evidence requirement 1.1 is matched appropriately
with customer needs, and how they satisfy these is explained, in accordance
with organisational policy and industry codes of practice.
Range
3.2
customer needs may include but are not limited to – flexibility of
services, ability to change services, family concerns, age
considerations, amount of savings and income.
The customer characteristics that best suit each financial product and/or service
are researched and explained.
Range
customer characteristics may include – age, marital status,
financial situation, income, profession or employment, geographic
location, family situation, attitudes to money.
3.3
The financial products and/or services used by financial institutions are
compared as a basis for selecting the most effective approach to matching the
products and/or services to customer needs.
3.4
The process for providing or selling financial products and/or services is
evaluated and the most effective approach to meeting customer needs is
explained in accordance with organisational policy and industry codes of
practice.
Outcome 4
Maintain financial product and/or service knowledge.
Evidence requirements
4.1
Systems for keeping up with changes and maintaining up to date knowledge
about relevant financial products and/or services are explained and used in
accordance with organisational procedures.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
systems may include but are not limited to – database systems,
seminars, induction programs, training programs.
Range
4.2
24757 version 2
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Emerging trends affecting the financial services industry are continuously
reviewed and applied to financial product and/or service knowledge in
accordance with organisational procedures.
emerging trends may include – changes in the economic climate,
changes in the political/international climate, new technologies,
financial market changes, interest rate changes, valuation of
currency.
Range
This unit standard is expiring. Assessment against the standard must take place by
the last date for assessment set out below.
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
20 June 2008
31 December 2017
Review
2
18 June 2014
31 December 2017
Consent and Moderation Requirements (CMR) reference
0003
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA,
before they can report credits from assessment against unit standards or deliver courses
of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by
NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and
which are assessing against unit standards must engage with the moderation system that
applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies
to this standard are outlined in the Consent and Moderation Requirements (CMR). The
CMR also includes useful information about special requirements for organisations wishing
to develop education and training programmes, such as minimum qualifications for tutors
and assessors, and special resource requirements.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016