NZQA registered unit standard
25653 version 2
Page 1 of 4
Title
Apply legislation, regulations, and codes of practice, maintain
business records, and respond to fiduciary issues
Level
5
Credits
5
Purpose
People credited with this unit standard are able, as a financial
adviser, to:
–
demonstrate understanding and application of legislation,
regulations, organisational policies, and industry and
professional codes of practice
–
demonstrate understanding of the maintenance of
required business records, and
–
demonstrate identification and application of relevant
responses to fiduciary issues that arise in the
performance of the role of a financial adviser.
Classification
Financial Services > Financial Advice
Available grade
Achieved
Explanatory notes
1
For the purposes of authorisation of a financial adviser under the requirements of the
Financial Advisers Act, the Financial Markets Authority will only recognise
assessment conducted by The Skills Organisation through its centrally-administered
assessment system. Therefore, the only valid assessment tool for this unit standard
is an assessment administered by The Skills Organisation.
2
References
Anti-Money Laundering and Countering Financing of Terrorism Act 2009;
Consumer Guarantees Act 1993;
Fair Trading Act 1986;
Financial Advisers Act 2008;
Financial Advisers (Disclosure) Regulations 2010;
Financial Service Providers (Registration and Dispute Resolution) Act 2008;
Privacy Act 1993;
Industry codes of practice
and all subsequent amendments and replacements.
3
Range
Assessments requiring application or demonstration of skills and knowledge may be
performed using workplace evidence or evidence derived from simulation or scenario
based activities.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
25653 version 2
Page 2 of 4
All activities must comply with legislation, regulations, and best practice, including
any guidance notes published by the agency responsible for the relevant enactment
or code.
Outcomes and evidence requirements
Outcome 1
Demonstrate understanding of and apply relevant legislation, regulations, organisational
policies, and industry and professional codes of practice as a financial adviser.
Evidence requirements
1.1
Interpret and apply relevant legislation and regulations to work as a financial
adviser.
1.2
Interpret and apply relevant industry and professional codes of practice to work
as a financial adviser.
1.3
Carry out necessary procedural requirements relating to the legislation and
regulations.
Outcome 2
Demonstrate understanding of the maintenance of required business records as a financial
adviser.
Evidence requirements
2.1
Explain how business records are maintained in accordance with requirements
of relevant legislation, regulations, and industry and professional codes of
practice.
Range
records include – tax, training, client and other statutory records,
and commercial and business agreements.
Outcome 3
Identify and apply relevant responses to the fiduciary issues that arise in the performance
of the role of a financial adviser.
Evidence requirements
3.1
Explain how, when, and what fiduciary issues arise in providing financial advice
and the appropriate actions to be taken to ensure fiduciary responsibilities are
met.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
fiduciary responsibilities include – acting with the highest degree of
personal and professional integrity, placing clients’ interests ahead
of the interests of the person providing advice, the recognition,
disclosure and management of conflicts of interest, and the
avoidance of improper influences. Note that fiduciary
responsibility does not prohibit charging for services, providing
disclosure and consent exists.
Range
3.2
25653 version 2
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Demonstrate ethical behaviour in compliance with relevant fiduciary standards,
legislation, regulation, and industry and professional codes of practice.
Range
ethical behaviour includes but is not limited to appropriately
approaching – confidentiality; duty of care; non-discriminatory
practices; full disclosure of remuneration, fees, and conflicts of
interest that may influence any recommendation where required;
good faith; remaining within candidate’s field of competence.
Planned review date
31 December 2017
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
20 February 2009
31 December 2017
Review
2
19 February 2015
N/A
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
NZQA registered unit standard
25653 version 2
Page 4 of 4
Comments on this unit standard
Please contact The Skills Organisation reviewcomments@skills.org.nz if you wish to
suggest changes to the content of this unit standard.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016