Field Service Sector
Reviewof Financial Services unit standards
|
Subfield |
Domain |
ID |
|
Financial Services |
Financial Advice |
24758, 24759, 24765, 24772-24774 |
|
Financial Markets |
24771 | |
|
Financial Services - Administration |
24760, 24775 | |
|
Financial Services - Organisational Skills |
24756, 24762 | |
|
Financial Services - Professional Practice |
24755, 24757, 24766 | |
|
Financial Services - Relationship Management |
24763, 24767-24769 |
The Skills Organisation has completed the review of the unit standards listed above.
Date new versions published June 2014
Planned review date December 2017
Summary
Following the sector review of qualifications in the Finance/Financial Services sector and the registration of the New Zealand Certificate in Financial Services (Level 4) with strands in Banking, Family/Personal Budgeting , and Insurance [Ref: 2247], these unit standards were reviewed to align with the new qualification.
Consultation meetings with groups of subject matter experts were held for the core and each strand. These meetings identified required unit standard content and compared that with the content of the existing standards. This consultation identified unit standards, or parts of standards, that had little or no relevancy and are not required by the new qualification. As a result a number of unit standards were designated expiring with no replacement. Two unit standards were replaced by a new unit standard and seven new unit standards were developed.
Where skills and knowledge are required in respect of 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 24755-24757, 24760, 24762, 24763, 24765-24769, 24771-24775 were designating expiring.
· Unit standards 24758 and 24759 were replaced by unit standard 28197.
· New unit standards 28199, 28200, 28201, 28202, 28203, 28204, 28197, 28198 were created.
· Relevant content of expiring unit standard 24755 is now incorporated within the requirements of unit standards 28199 and 28200.
Category C and D unit standards will expire at the end of December 2017
Impact on registered qualifications
|
Key to type of impact | |
|
Affected |
The qualification lists a reviewed classification (domain or subfield) in an elective set The qualification lists a standard that has changes to level or credits The qualification lists a C or D category standard |
|
Not materially affected |
The qualification lists a standard that has a new title The qualification lists a standard that has a new classification |
The following The Skills Organisation qualifications are impacted by the outcome of this review and this will be addressed in the development of the New Zealand Certificate that replaces it. The classifications and/or standards that generated the status Affected are listed in bold.
|
Ref |
Qualification Title |
Classification or ID |
|
1476 |
National Certificate in Financial Services (Financial Advice) (Level 5) with strands in Investment Advice, Insurance Advice, and Residential Property Lending Advice |
24755, 24756 |
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 |
|
24758
24759
28197
|
Establish customer relationships and analyse needs in the financial services industry
Develop, present, and negotiate solutions for customers in the financial services industry
Apply advice process within predetermined guidelines in banking or insurance |
4
4
4
|
5
5
10
|
C
C
|
|
24765 |
Match financial products and/or services to customer needs in the financial services industry |
4 |
3 |
D |
|
24772 |
Research specified financial strategies and products to predetermined guidelines in the financial services industry |
4 |
5 |
D |
|
24773 |
Prepare a financial plan for a customer, to predetermined strategies and guidelines in the financial services industry |
4 |
5 |
D |
|
24774 |
Implement a financial plan to predetermined guidelines in the financial services industry |
4 |
4 |
D |
|
28198 |
Apply advice process within predetermined guidelines in family/personal budgeting |
4 |
10 |
New |
Service Sector > Financial Services > Financial Markets
|
ID |
Title |
Level |
Credit |
Review Category |
|
24771 |
Confirm and reconcile financial transactions in the financial services industry |
4 |
2 |
D |
Service Sector > Financial Services > Financial Services - Administration
|
ID |
Title |
Level |
Credit |
Review Category |
|
24760 |
Evaluate and authorise payment requests or financial transactions in the financial services industry |
4 |
2 |
D |
|
24775 |
Administer a new or existing specialist financial portfolio in the financial services industry |
4 |
3 |
D |
Service Sector > Financial Services > Financial Services - Organisational Skills
|
ID |
Title |
Level |
Credit |
Review Category |
|
24756 |
Resolve disputes in the financial services industry |
4 |
5 |
D |
|
24762 |
Work with specialist and outsourced services in the financial services industry |
4 |
2 |
D |
Service Sector > Financial Services > Financial Services - Professional Practice
|
ID |
Title |
Level |
Credit |
Review Category |
|
24755
|
Demonstrate knowledge of the industry and apply professional practice in a financial services organisation |
4 |
5 |
D |
|
24757 |
Develop and maintain in-depth knowledge of products and/or services in a financial services organisation |
4 |
5 |
D |
|
24766 |
Tailor a financial product and/or service solution to meet customer needs in the financial services industry |
4 |
4 |
D |
|
28199 |
Demonstrate knowledge of the financial services environment in New Zealand |
4 |
15 |
New |
|
28200 |
Demonstrate and apply knowledge of the financial services regulatory, compliance and advice process environment |
4 |
15 |
New |
|
28201 |
Use Six Step Process to demonstrate broad understanding of financial products, services and customers |
4 |
10 |
New |
|
28202 |
Demonstrate knowledge of the banking industry in New Zealand |
4 |
10 |
New |
|
28203 |
Demonstrate and apply knowledge of the family/personal budgeting sector in New Zealand |
4 |
10 |
New |
|
28204 |
Demonstrate knowledge of the insurance industry in New Zealand |
4 |
10 |
New |
Service Sector > Financial Services > Financial Services - Relationship Management
|
ID |
Title |
Level |
Credit |
Review Category |
|
24763 |
Maintain customer relationships in the financial services industry |
4 |
3 |
D |
|
24767 |
Sell financial products and/or services in response to an enquiry in the financial services industry |
4 |
3 |
D |
|
24768 |
Implement a sales plan for financial products and/or services in the financial services industry |
4 |
5 |
D |
|
24769 |
Prospect for new customers for financial products and/or services in the financial services industry |
4 |
3 |
D |