NZQA Expiring unit standard
24755 version 2
Page 1 of 4
Title
Demonstrate knowledge of the industry and apply professional
practice in a financial services organisation
Level
4
Credits
5
Purpose
People credited with this unit standard are able to:
– demonstrate knowledge of the sectors and responsibilities
of the financial services industry and external factors that
impact on it;
– identify and apply financial services industry codes of
practice, legislation, and regulations; and
– plan work, and develop and maintain personal competency
in a financial services organisation.
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
FNSICIND401B, Apply principles of professional practice to work in the financial
services industry 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;
Privacy Act 1993;
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24755 version 2
Page 2 of 4
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
Definitions
Professional practice – the understanding and application of industry and
organisational knowledge, ethics, and relevant guidelines, legislation, regulations,
and codes of practice in a daily work context within the financial services industry.
Relevant professional body requirements – the requirements of any specific financial
services professional body where the candidate holds membership.
Outcomes and evidence requirements
Outcome 1
Demonstrate knowledge of the sectors of, and responsibilities of the roles in, the financial
services industry, and external factors that impact on it.
Evidence requirements
1.1
External forces are described in terms of their impact on the financial services
industry.
Range
1.2
The main sectors of the financial services industry are described and explained
in terms of the inter-relationships between sectors.
Range
1.3
external forces may include – value of the dollar; interest rates;
political climate; economic climate; operation of financial markets;
media, press and public relations reports.
includes but is not limited to – insurance, retail financial services,
lending services, banking, financial advice, insurance broking.
Roles are explained in terms of their responsibilities in the financial services
industry.
Range
includes but is not limited to – providers, distributors, advisers,
regulators, professional bodies.
Outcome 2
Identify and apply financial services industry codes of practice, legislation and regulations.
Evidence requirements
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24755 version 2
Page 3 of 4
2.1
Information on relevant legislation, regulations and codes of practice is
identified and analysed, and the application to the role in the workplace
described.
2.2
Relevant legislation, regulations and codes of practice are complied with and
applied in the performance of all functions of the candidate’s role.
2.3
An ethical approach to day-to-day business activities is demonstrated in
accordance with relevant codes of practice.
Range
includes but is not limited to – maintaining confidentiality, duty of
care, non-discriminatory practices, full disclosure of
remuneration/fees and other conflicts of interest that may influence
any recommendation where required, good faith, remaining within
candidate’s field of competence.
2.4
Information is managed in accordance with industry regulations and codes of
practice.
2.5
Documents and/or numerical calculations are analysed, checked, evaluated and
organised to meet the requirements of the customer and the organisation and in
accordance with relevant industry regulations and codes of practice.
Range
2.6
documents may include but are not limited to – application forms,
risk assessment forms, data gathering forms;
numerical calculations may include but are not limited to –
insurance premiums, tax, reconciliations, interest, income
expected, payments, forecasts of capital growth, profits forecasts,
present value, future value, rate of return;
evidence of three different documents, numerical calculations, or a
combination of both is required.
Information is presented in a format appropriate for the audience and in
accordance with industry regulations and codes of practice.
Range
in person, by telephone or electronic means, written document,
application form.
Outcome 3
Plan work, and develop and maintain personal competency in a financial services
organisation.
Evidence requirements
3.1
Tasks to be done and relevant conditions are determined, and work is planned
for a given period managing resources, time and priorities in accordance with
organisational requirements.
3.2
Workload planning contributions are made in accordance with organisational
requirements.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24755 version 2
Page 4 of 4
3.3
Professional development needs and goals are identified and reviewed on a
regular basis.
3.4
Competency, authorisation and licensing requirements are explained and
maintained in accordance with organisational and relevant professional body
requirements.
3.5
Professional development opportunities are planned and completed in an
agreed timeframe in accordance with organisational and relevant professional
body requirements.
may include but is not limited to – professional workshops,
community courses, in-house programs, coaching and mentoring,
conferences, e-learning.
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