NZQA Expiring unit standard
24767 version 2
Page 1 of 4
Title
Sell financial products and/or services in response to an enquiry in
the financial services industry
Level
4
Purpose
Credits
3
This unit standard covers ethically selling an untailored
financial product and/or service within the bounds of personal
authority to meet customer needs.
People credited with this unit standard are able to:
– identify the nature of an enquiry in the financial services
industry;
– determine the suitability of a financial product and/or service
for the customer, and the eligibility of the customer for the
financial product and/or service in the financial services
industry;
– provide information about the financial product and/or
service to the customer; and
– confirm sale and process documentation in the financial
services industry.
Classification
Financial Services > Financial Services - Relationship
Management
Available grade
Achieved
Explanatory notes
1
This unit standard has been based on the Australian unit of competency
FNSICSAM401B, Sell financial products and services 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;
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24767 version 2
Page 2 of 4
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
Financial product and/or service – such as savings, investment, loans,
superannuation, insurance, banking, other financial products and/or services.
Predetermined guidelines – guidelines developed by product providers and/or
organisations incorporating recommended usage and practice.
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
Identify the nature of an enquiry 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 customer’s
level of financial literacy where relevant.
Needs and expectations of the customer are determined to ensure any financial
product and/or service suggested is suitable in accordance with organisational
procedures.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
1.3
24767 version 2
Page 3 of 4
The enquiry is evaluated against personal authorities and customer informed
appropriately.
Range
may include but is not limited to – relevant advice disclosure,
enquiry is referred to appropriate personnel.
Outcome 2
Determine the suitability of a financial product and/or service for the customer, and the
eligibility of the customer for the product and/or service in the financial services industry.
Evidence requirements
2.1
Appropriate financial product and/or service is identified and matched to
customer needs in accordance with organisational requirements.
2.2
All information required to determine the eligibility of the customer for the
financial product and/or service is obtained and documented in accordance with
organisational procedures.
Range
may include – personal details, financial status, previous history,
with the company or other companies, business records.
2.3
Predetermined risk assessment criteria are applied in accordance with financial
product and/or service requirements.
2.4
Financial product and/or service solution is prepared in accordance with
legislation, regulations, predetermined guidelines, codes of practice and
personal authorities.
Range
may include – referral to appropriate personnel if solution is
outside predetermined guidelines and/or personal authorities.
Outcome 3
Provide information about the financial product and/or service to the customer.
Evidence requirements
3.1
Financial product and/or service solution is presented to the customer and all
product information is supplied in accordance with organisational procedures.
Range
may include but is not limited to – disclosure statement, brochures,
application forms.
3.2
Customer queries are discussed and solution finalised in accordance with
organisational procedures.
3.3
Follow-up arrangements are made in accordance with customer needs and
organisational procedures.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
24767 version 2
Page 4 of 4
Outcome 4
Confirm sale and process documentation in the financial services industry.
Evidence requirements
4.1
Suitability of financial product and/or service and price or fees are discussed
and confirmed with the customer in accordance with organisational procedures.
4.2
Agreement to proceed with the sale is obtained from the customer in
accordance with organisational procedures.
4.3
Documentation is completed and issued in accordance with organisational
policy and procedures.
4.4
All payment details are processed accurately and without delay in accordance
with organisational procedures.
4.5
Relevant records systems are updated accurately, within required timeframes in
accordance with organisational procedures.
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