NZQA registered unit standard
28155 version 1
Page 1 of 3
Title
Demonstrate knowledge of products, services, roles, and functions
in the financial services industry
Level
3
Purpose
Credits
5
This unit standard is for people who wish to enter employment
within financial services and related industries and/or advance
their skills and knowledge in personal financial skills.
People credited with this unit standard are able to demonstrate
knowledge of:
–
the financial services industry in New Zealand;
–
types of products and services provided by the financial
services industry.
Classification
Financial Services > Financial Services - Professional Practice
Available grade
Achieved
Entry information
Recommended skills
and knowledge
Achievement of a unit standard in the domain Personal
Financial Management.
Explanatory notes
1
References
Financial Advisers Act 2008;
Financial Service Providers (Registration and Dispute Resolution) Act 2008;
New Zealand Bankers Association Code of Banking Practice 2012, found at
http://www.nzba.org.nz;
Friendly Societies and Credit Unions Act 1982;
Insurance Law Reform Act 1977;
and all subsequent amendments and replacements.
2
Definitions
Bank or banking includes the non-banking lenders and deposit takers that provide
similar services to registered banks.
Financial services definitions can be found in section 5 of the Financial Service
Providers (Registration and Dispute Resolution) Act 2008.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
28155 version 1
Page 2 of 3
Outcomes and evidence requirements
Outcome 1
Demonstrate knowledge of the financial services industry in New Zealand.
Evidence requirements
1.1
Describe key sectors of the financial services industry in terms of meeting the
needs of the individual.
Range
insurance, banking, investment management, residential property
lending, personal lending, financial advisers.
1.2
Explain financial services industry legislation, regulations, codes of practice,
and ethics in terms of how they protect the individual during their interaction
with the industry.
1.3
Describe functions, responsibilities, and relevance of roles in terms of
supporting financial needs and goals of the individual.
Range
roles include but are not limited to – banker, budgeting adviser,
financial planner, accountant, broker, insurance adviser,
investment adviser, solicitor, regulator.
Outcome 2
Demonstrate knowledge of types of products and services provided by the financial
services industry.
Range
includes but is not limited to – banking, superannuation, KiwiSaver, insurance,
investment, residential property lending.
Evidence requirements
2.1
Describe three common needs of the individual that are met by the types of
products or service provided.
2.2
Describe three limitations of each type of product or service.
2.3
Compare two types of product or service in terms of a risk and a benefit of
each.
2.4
Identify three institutions that provide each type of financial services product or
service.
Planned review date
The Skills Organisation
SSB Code 100401
31 December 2018
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
28155 version 1
Page 3 of 3
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
15 January 2014
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.
Comments on this unit standard
Please contact The Skills Organisation at 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