NZQA registered unit standard
28097 version 1
Page 1 of 3
Title
Evaluate and select personal banking products and services in
relation to personal financial needs
Level
2
Credits
3
Purpose
People credited with this unit standard are able to evaluate and
select personal banking products and services in relation to
personal financial needs.
Classification
Core Generic > Personal Financial Management
Available grade
Achieved, Merit, and Excellence
Criteria for Merit
The evaluation includes a detailed comparison of the banking
products and services and gives reasons why selected
products and services are preferred by making links to personal
financial needs.
Criteria for Excellence
The evaluation includes a comprehensive comparison of the
banking products and services and a justification for selection
of the preferred banking products and services in terms of their
suitability to personal financial needs.
Explanatory notes
1
This unit standard can be awarded with Achieved, Merit, or Excellence. For the
Achieved grade to be awarded, the outcome must be achieved as specified in the
outcome statement. For Merit or Excellence to be awarded, the candidate must meet
the Merit or Excellence criteria specified above.
2
Definitions
Access mechanisms refer to EFTPOS, e-banking, telephone banking, mobile
banking, branch staff, ATM, and cheques.
Products and services refer to transactional accounts, savings accounts, loans,
mortgages, overdrafts, term investments, debit cards, credit cards, bill payments,
transfers; and services refer to insurance, and specialised advice.
Security refers to passwords, personal identification numbers, and protocols. These
may be related to electronic, online, and physical banking security.
3
For the purposes of this unit standard banking products and services must be
selected from those offered by a registered bank.
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
28097 version 1
Page 2 of 3
4
This unit standard may be assessed using scenarios. Scenarios should be specific
and based on real or fictionalised cases or events. Personal finances can relate to
individuals, households, family/whānau, or other groups. Assessment may be based
on the candidate’s real situation and if this is used, every care must be taken to
protect privacy, and the provisions of the Privacy Act 1993 will apply.
5
Legislation and codes of practice relevant to this unit standard include but are not
limited to:
Privacy Act 1993
Reserve Bank of New Zealand Act 1989
New Zealand Bankers Association Code of Banking Practice 2012.
6
References
Reserve Bank of New Zealand – http://www.rbnz.govt.nz/;
New Zealand Bankers Association – http://www.nzba.org.nz/.
Outcomes and evidence requirements
Outcome 1
Evaluate and select personal banking products and services in relation to personal
financial needs.
Range
six banking products and services.
Evidence requirements
1.1
Banking products and services are described and compared in relation to costs
and benefits, fees and charges, access mechanisms and security.
1.2
Preferred banking products and services are selected in terms of suitability to
personal financial needs.
Planned review date
31 December 2016
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
12 December 2013
N/A
Consent and Moderation Requirements (CMR) reference
0226
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.
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
28097 version 1
Page 3 of 3
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 NZQA National Qualifications Services nqs@nzqa.govt.nz if you wish to
suggest changes to the content of this unit standard.
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016