NZQA Expiring unit standard
24758 version 2
Page 1 of 4
Title
Establish customer relationships and analyse needs in the financial
services industry
Level
4
Credits
5
Purpose
People credited with this unit standard are able to, in the
financial services industry:
– establish relationship with customers;
– identify customer objectives, needs and financial situation;
and
– analyse customer objectives, needs, financial situation and
risk profile.
Classification
Financial Services > Financial Advice
Available grade
Achieved
Explanatory notes
1
This unit standard has been based on the Australian unit of competency
FNSASIC301B, Establish client relationship and analyse needs 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,
or a combination of these. It may be assessed against alone or in conjunction with
Unit 24759, Develop, present and negotiate customer solutions in the financial
services industry.
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;
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24758 version 2
Page 2 of 4
NZ IFRS (New Zealand equivalent to International Financial Reporting Standards)
available from http://www.nzica.com;
Privacy Act 1993
Securities Act 1978;
Securities Markets Act 1988;
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
This unit standard is one of a series based on the Australian Securities Investment
Commission (ASIC) competencies. This unit standard and Unit 24759, Develop,
present, and negotiate solutions for customers in the financial services industry are
based on the Tier 2 ASIC skill requirements, however, demonstrated competence in
these standards alone is not sufficient for ASIC licensing.
6
Range – evidence relating to a minimum of three customers is required to cover a
representative range of needs and products.
Outcomes and evidence requirements
Outcome 1
Establish relationships with customers in the financial services industry.
Evidence requirements
1.1
A range of communication and interpersonal skills are used to establish a
relationship with the customer.
Range
includes but is not limited to – questioning and listening skills,
rapport building skills, establishing the customer’s level of financial
literacy, tailoring communication to customer’s level of financial
literacy.
1.2
The range of financial products and/or services available and their relevant fee
and charging methodology are explained in accordance with industry legislation
and codes of practice.
1.3
Disclosure requirements are met and the customer is informed of the role of the
adviser in accordance with industry legislation and codes of practice.
1.4
The procedures for complaints handling and the circumstances in which they
should be engaged are explained in accordance with industry legislation and
codes of practice.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24758 version 2
Page 3 of 4
Outcome 2
Identify customer objectives, needs and financial situation in the financial services
industry.
Evidence requirements
2.1
Relevant customer personal, financial and business details are identified and
documented in accordance with industry legislation and codes of practice.
Range
2.2
Customer needs and expectations, objectives, and short, medium and longterm goals as relevant to the situation are identified in accordance with industry
codes of practice.
Range
2.3
information gathered from the customer may include but is not
limited to – details of the customers needs and objectives for
income, security, liquidity, and the time period the customer is
planning for; details of liabilities and potential liabilities of the
customer; individual investment preferences and aversion or
tolerance to risk; other customer details such as employment
security, likely events and their impact on the customer, age and
other products they have, insurance risk, tax.
may include but is not limited to – debt position, security,
expectations of income from this product, family income, business
needs, expectations of access to product, expectations of lifecycle
and length of product, insurance risk, tax.
Customer risk profile is identified in accordance with industry legislation and
codes of practice.
Outcome 3
Analyse customer objectives, needs, financial situation and risk profile in the financial
services industry.
Evidence requirements
3.1
Customer objectives, needs, and financial situation are analysed, utilising all
information gathered and taking into account customer product and/or service
expectations and specific needs in accordance with industry codes of practice.
3.2
Information gathered is checked for accuracy with customer in accordance with
industry codes of practice.
3.3
The need for specialist advice is analysed in accordance with industry codes of
practice.
Range
The Skills Organisation
SSB Code 100401
may include – referral of customer to appropriate adviser for
higher level/specialist advice if required.
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
3.4
24758 version 2
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Customer risk profile is assessed and agreed with customer in accordance with
industry codes of practice.
Replacement information
This unit standard and unit standard 24759 have been
replaced by unit standard 28197.
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