Field Service Sector
Review of Financial Services unit standards
Subfield |
Domain |
ID |
Financial Services |
Financial Advice |
25642-25653, 26360 |
Mortgage Broking |
26286, 26287 |
The Skills Organisation has completed the review of the unit standards listed above.
Date new versions published 19 February 2015
Planned review date 31 December 2017
Summary
Following the sector review of the Finance/Financial Services qualifications and the application for listing of the New Zealand Certificate in Financial Services (Level 5) with strands in Financial Advice; Investment; Insurance - Life and Health; Insurance - General; Lending - Residential Property; Lending - Personal; Banking; Trustee Services [Ref: 2315], these unit standards were reviewed to align with the proposed qualification.
Face-to-face meetings with groups of subject matter experts were held for the core and each strand. These meetings identified the required content and compared that with the content of existing standards, where relevant standards already existed. The consultation identified unit standards that were fit for purpose, requiring little change, and unit standards that had little or no relevancy and were no longer required for the proposed qualification. The meetings also identified a need for new unit standards.
Where skills and knowledge are required about legislation, regulations, and codes of practice, the specific enactments are maintained in a separate document available on The Skills Organisation website. Industry terminology has been updated where necessary for currency and consistency.
Main changes
· Unit standards 25650-25653 and 26360 were updated.
· The credit values for unit standards 25650 – 25652 were increased, as the current credit values were not considered to accurately reflect the learning time required.
· Unit standards 25642-25649, 26286, and 26287 were designated expiring and will not be replaced.
· New unit standards 28359-28389 were developed.
· Relevant content of expiring unit standards 25642-25649, 26286, and 26287 was incorporated into appropriate parts of the new standards.
Category D unit standards will expire at the end of December 2017
Detailed list of unit standards – classification, title, level, and credits
All changes are in bold.
Key to review category | |
A |
Dates changed, but no other changes are made - the new version of the standard carries the same ID and a new version number |
B |
Changes made, but the overall outcome remains the same - the new version of the standard carries the same ID and a new version number |
C |
Major changes that necessitate the registration of a replacement standard with a new ID |
D |
Standard will expire and not be replaced |
Service Sector > Financial Services > Financial Advice
ID |
Title |
Level |
Credit |
Review Category |
25642 |
Demonstrate understanding of relationships between economic environments, financial markets and their participants |
5 |
5 |
D |
25643 |
Demonstrate understanding of the stages of personal financial advice and the products used by financial advisers |
5 |
5 |
D |
25644 |
Demonstrate understanding of insurance structures, principles, products; and risk principles used by financial advisers |
5 |
5 |
D |
25645 |
Demonstrate understanding of the life insurance market and life insurance |
5 |
5 |
D |
25646 |
Demonstrate understanding of the health insurance market and health insurance |
5 |
5 |
D |
25647 |
Demonstrate understanding of the fire and general insurance market and fire and general insurance |
5 |
5 |
D |
25648 |
Demonstrate understanding of investment concepts used by financial advisers |
5 |
10 |
D |
25649 |
Apply principles of investment advice |
5 |
7 |
D |
25650 |
Demonstrate the steps in the financial advice process relating to client relationships and gathering information |
5 |
4 6 |
B |
25651 |
Demonstrate the steps in the financial advice process relating to the development and presentation of recommendations |
5 |
5 8 |
B |
25652 |
Demonstrate the steps in the financial advice process relating to the implementation and review processes |
5 |
4 6 |
B |
25653 |
Apply requirements of regulations, professional practice standards, and operational guidelines as a financial adviser Apply legislation, regulations, and codes of practice, maintain business records, and respond to fiduciary issues |
5 |
5 |
B |
26360 |
Demonstrate understanding of the legislative framework for financial advisers Demonstrate understanding of the legislative framework for authorised financial advisers |
5 |
5 |
B |
Service Sector > Financial Services > Financial Services – Professional Practice
28359 |
Demonstrate understanding of the role of a bank, the banking regulatory environment, and significance of role boundaries |
5 |
5 |
New |
28360 |
Select and apply banking products and services to meet client needs |
5 |
5 |
New |
28361 |
Demonstrate understanding of the role of regulators and the diversity of service providers in the banking sector |
5 |
5 |
New |
28362 |
Demonstrate understanding of key lending concepts and frameworks, and apply these to a variety of lending situations |
5 |
5 |
New |
28363 |
Demonstrate understanding of financial services best practice, professionalism, and recognised advice process |
5 |
10 |
New |
28364 |
Demonstrate understanding and application of the regulatory environment for financial services |
5 |
5 |
New |
28365 |
Demonstrate understanding of and apply research and analysis processes to develop fit for purpose financial solutions |
5 |
15 |
New |
28366 |
Demonstrate understanding of financial markets and how factors in the economic environment impact on market participants |
5 |
10 |
New |
28367 |
Demonstrate understanding of insurance concepts and principles and apply to general insurance situations |
5 |
5 |
New |
28368 |
Demonstrate understanding of general insurance legislation, regulations, codes of practice, and roles |
5 |
5 |
New |
28369 |
Demonstrate understanding of general insurance needs and products and apply products to meet client needs |
5 |
10 |
New |
28370 |
Demonstrate understanding of the creation, maintenance, claims, and review processes of general insurance |
5 |
5 |
New |
28371 |
Demonstrate understanding of insurance concepts and principles and apply to life and health insurance situations |
5 |
5 |
New |
28372 |
Demonstrate understanding of life and health insurance legislation, regulations, codes of practice, and roles. |
5 |
5 |
New |
28373 |
Demonstrate understanding of life and health insurance needs and products and apply products to meet client needs |
5 |
10 |
New |
28374 |
Demonstrate understanding of the creation, maintenance, claims and review processes of life and health insurance |
5 |
5 |
New |
28375 |
Demonstrate understanding of investment concepts and the associated regulatory environment |
5 |
5 |
New |
28376 |
Demonstrate understanding of investment assets and apply appropriate assets to meet identified investment objectives |
5 |
10 |
New |
28377 |
Demonstrate and apply understanding of investment analysis techniques used to test against predetermined requirements |
5 |
10 |
New |
28378 |
Demonstrate understanding of key terms and conditions of KiwiSaver and how they apply to typical client situations |
5 |
5 |
New |
28379 |
Demonstrate understanding of KiwiSaver investment concepts and quantify retirement saving goals |
5 |
5 |
New |
28380 |
Demonstrate understanding of personal lending concepts, and associated organisational and regulatory requirements |
5 |
5 |
New |
28381 |
Demonstrate understanding of personal lending products and the borrowing needs they meet |
5 |
5 |
New |
28382 |
Develop financial solutions to meet the needs of personal lending clients and apply a loan application process |
5 |
10 |
New |
28383 |
Demonstrate understanding of residential property lending and associated organisational and regulatory requirements |
5 |
5 |
New |
28384 |
Demonstrate understanding of residential property lending products and the borrowing needs they meet |
5 |
5 |
New |
28385 |
Demonstrate understanding of the residential property market and the impact on residential property lending |
5 |
5 |
New |
28386 |
Develop financial solutions to meet the needs of residential property borrowers and apply a loan application process |
5 |
5 |
New |
28387 |
Demonstrate understanding of trustee concepts, legislation, and regulations |
5 |
10 |
New |
28388 |
Outline the relationships between trustee products and individuals’ needs |
5 |
15 |
New |
28389 |
Demonstrate the administrative responsibilities required under a trustee appointment |
5 |
10 |
New |
Service Sector > Financial Services > Mortgage Broking
ID |
Title |
Level |
Credit |
Review Category |
26286 |
Demonstrate knowledge of the mortgage industry, lending principles, home loan products and apply the application process |
4 |
5 |
D |
26287 |
Demonstrate understanding of the residential property market and residential property lending as a financial adviser |
5 |
8 |
D |