NZQA Expiring unit standard
24766 version 2
Page 1 of 5
Title
Tailor a financial product and/or service solution to meet customer
needs in the financial services industry
Level
4
Purpose
Credits
4
This unit standard covers tailoring a financial product and/or
service within the bounds of personal authority to meet
customer needs.
People credited with this unit standard are able to, in the
financial services industry:
– respond to customer request for financial product and/or
service;
– collect all necessary information to determine possible
financial product and/or service options;
– identify financial product and/or service options to meet
customer needs;
– present tailored financial product and/or service solution
and confirm acceptance; and
– finalise acceptance of tailored financial product and/or
service and proposed solution and complete
documentation.
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
FNSICPRO403B, Tailor a product/service to meet customer 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.
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;
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24766 version 2
Page 2 of 5
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;
Reserve Bank of New Zealand Act 1989;
Securities Act 1978;
Securities Markets Act 1988;
Securities Markets Amendment Act 2006;
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
Customers – may include financial advisers, intermediaries, accountants, brokers
and/or agents, surveyors, insurers, providers of customer service, inspectors, direct
customers, or retail customers.
Financial product and/or service – such as savings, investment, loans,
superannuation, insurance, banking, other financial products and/or services.
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
Respond to customer request for a financial product and/or service 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
1.2
includes but is not limited to – questioning and listening skills,
rapport building skills, establishing the customer’s level of financial
literacy where relevant, tailoring communication to the customer’s
level of financial literacy where relevant.
Needs and expectations of the customer are determined to ensure financial
product and/or service is suitable in accordance with organisational procedures.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
1.3
The enquiry is evaluated against personal authorities and customer informed
appropriately.
Range
1.4
24766 version 2
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may include but is not limited to – relevant advice disclosure,
enquiry is referred to appropriate personnel.
Preliminary assessment is made to determine if enquiry fits within
organisational and financial product acceptability guidelines.
Range
financial viability, expertise and professionalism, product lines,
company position, volume of business, profitability.
Outcome 2
Collect all necessary information to determine possible financial product and/or service
options in the financial services industry.
Evidence requirements
2.1
Information is collected from the customer and their records to determine
specific issues related to the proposal and possible product and/or service lines.
Range
includes but is not limited to – details of customer needs, financial
records, risk factors, relation to company guidelines.
2.2
Information about additional risk factors is documented for risk assessment
purposes in accordance with organisational procedures.
2.3
Information and documentation is evaluated to see whether enquiry can be
satisfied by available products or services.
2.4
Information collected is recorded in accordance with organisational procedures
and legislative requirements.
Outcome 3
Identify financial product and/or service options to meet customer needs in the financial
services industry.
Evidence requirements
3.1
A comprehensive assessment is made of product and/or service features and
benefits to ensure they meet customer needs in accordance with organisational
procedures.
3.2
Options to tailor financial product and/or service solution are documented and
evaluated to see whether they conform to organisational policy and guidelines.
3.3
Options are evaluated to ensure they are in accordance with the needs and
anticipated financial expectations of customer.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24766 version 2
Page 4 of 5
Outcome 4
Present tailored financial product and/or service solution and confirm acceptance in the
financial services industry.
Evidence requirements
4.1
Financial product and/or service tailoring options and proposed solutions are
presented in accordance with organisational procedures, relevant legislation
and codes of practice.
4.2
Opportunities to further tailor the financial products and/or services options and
proposed solutions to meet customer needs are provided to the customer in
accordance with organisational procedures.
4.3
All documentation is accurate and clearly presented to the customer according
to organisational procedures.
4.4
Financial product and/or service proposed solutions, and scope of such, are
explained to the customer and confirmation of understanding obtained in
accordance with organisational procedure.
Range
financial benefits/special price, special terms and conditions,
special inclusions, additional features and benefits.
4.5
An opportunity to commit to the financial products and/or services is
documented and provided to the customer in accordance with organisational
procedure.
4.6
Follow-up arrangements are agreed and documented with the customer in
accordance with organisational procedure.
Outcome 5
Finalise acceptance of tailored financial product and/or service options and proposed
solution and complete documentation in the financial services industry.
Evidence requirements
5.1
Suitability and pricing of financial products and/or service solution are confirmed
with customer in accordance with legislation and organisational procedures.
5.2
Documentation is accurately completed from customer information provided and
in accordance with legislation and organisational procedures.
5.3
All payment details are processed accurately without delay in accordance with
organisational procedures.
5.4
Relevant records systems are updated accurately within required timeframes.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24766 version 2
Page 5 of 5
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